https://www.taxtmi.com/caselaws?id=345091 The Tribunal ruled in favor of the assessee, holding that the cash payments of Rs. 30,37,000 were genuine, made out of business necessity and expediency, and were adequately documented. Despite the disallowance under Section 40A(3) of the Income Tax Act, the Tribunal found that the payments were justified due to exceptional circumstances, and the assessee's lack of a bank account for the liquor trade. Consequently, the Tribunal overturned the lower authorities' decisions, deleting the entire addition of Rs. 30,37,000 and allowing the appeal in favor of the assessee. en-us Mon, 19 Dec 2016 00:00:00 +0530 Fri, 07 Jul 2017 11:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345091 The Tribunal ruled in favor of the assessee, holding that the cash payments of Rs. 30,37,000 were genuine, made out of business necessity and expediency, and were adequately documented. Despite the disallowance under Section 40A(3) of the Income Tax Act, the Tribunal found that the payments were justified due to exceptional circumstances, and the assessee's lack of a bank account for the liquor trade. Consequently, the Tribunal overturned the lower authorities' decisions, deleting the entire addition of Rs. 30,37,000 and allowing the appeal in favor of the assessee. Case-Laws Income Tax Mon, 19 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345091