https://www.taxtmi.com/caselaws?id=342897 The Tribunal upheld the CIT's decision under Section 263 of the Income Tax Act, affirming the disallowance of cash payments exceeding the prescribed limit of Rs. 20,000 to a specific entity. The Tribunal found that the assessee failed to establish any mitigating circumstances under Rule 6DD of the I.T. Rules 1962, leading to the confirmation of the CIT's order. Additionally, the Tribunal noted the Assessing Officer's failure to address the issue of cash payments exceeding the limit in the assessment order under Section 143(3), ultimately supporting the CIT's revisionary power and dismissing the appeal. en-us Fri, 12 May 2017 00:00:00 +0530 Mon, 15 May 2017 05:44:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342897 The Tribunal upheld the CIT's decision under Section 263 of the Income Tax Act, affirming the disallowance of cash payments exceeding the prescribed limit of Rs. 20,000 to a specific entity. The Tribunal found that the assessee failed to establish any mitigating circumstances under Rule 6DD of the I.T. Rules 1962, leading to the confirmation of the CIT's order. Additionally, the Tribunal noted the Assessing Officer's failure to address the issue of cash payments exceeding the limit in the assessment order under Section 143(3), ultimately supporting the CIT's revisionary power and dismissing the appeal. Case-Laws Income Tax Fri, 12 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342897