https://www.taxtmi.com/caselaws?id=193204 The Tribunal ruled in favor of the assessee, finding that cash payments for land purchase were genuine, made due to business expediency, and not subject to disallowance under section 40A(3) of the Income Tax Act. Citing a prior High Court judgment, the Tribunal emphasized the need to demonstrate business expediency and transaction genuineness to avoid disallowance. The decision overturned the CIT (Appeals) dismissal, highlighting the importance of proving legitimate reasons for cash transactions to avoid tax implications. en-us Mon, 15 Feb 2016 00:00:00 +0530 Tue, 18 Jul 2017 10:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193204 The Tribunal ruled in favor of the assessee, finding that cash payments for land purchase were genuine, made due to business expediency, and not subject to disallowance under section 40A(3) of the Income Tax Act. Citing a prior High Court judgment, the Tribunal emphasized the need to demonstrate business expediency and transaction genuineness to avoid disallowance. The decision overturned the CIT (Appeals) dismissal, highlighting the importance of proving legitimate reasons for cash transactions to avoid tax implications. Case-Laws Income Tax Mon, 15 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193204