https://www.taxtmi.com/caselaws?id=194050 The Tribunal allowed the appeal filed by the assessee, setting aside the disallowance of Rs. 16,70,000 under Section 40A(3) of the Income Tax Act. The Tribunal held that the genuineness of the transactions was not in question, aligning with the decision in Gurdas Garg Vs. CIT, and emphasizing the need to consider business expediency and other relevant factors in conjunction with Section 40A(3) and Rule 6DD. en-us Wed, 09 Mar 2016 00:00:00 +0530 Mon, 28 Aug 2017 09:56:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194050 The Tribunal allowed the appeal filed by the assessee, setting aside the disallowance of Rs. 16,70,000 under Section 40A(3) of the Income Tax Act. The Tribunal held that the genuineness of the transactions was not in question, aligning with the decision in Gurdas Garg Vs. CIT, and emphasizing the need to consider business expediency and other relevant factors in conjunction with Section 40A(3) and Rule 6DD. Case-Laws Income Tax Wed, 09 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194050