https://www.taxtmi.com/caselaws?id=11070 The Tribunal's deletion of an addition made by the Assessing Officer under section 40A(3) of the Income-tax Act, 1961 was overturned by the High Court. The court emphasized the lack of exceptional circumstances justifying cash payments exceeding Rs. 2,500, as required by rule 6DD and Central Board of Direct Taxes circular. The High Court disagreed with the Tribunal's interference with lower authorities' decisions, citing the absence of factual findings supporting exceptional circumstances. Referring to relevant case laws, the High Court ruled in favor of the Revenue, highlighting the Tribunal's erroneous legal conclusion. en-us Mon, 08 Mar 2004 00:00:00 +0530 Thu, 30 Jul 2009 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11070 The Tribunal's deletion of an addition made by the Assessing Officer under section 40A(3) of the Income-tax Act, 1961 was overturned by the High Court. The court emphasized the lack of exceptional circumstances justifying cash payments exceeding Rs. 2,500, as required by rule 6DD and Central Board of Direct Taxes circular. The High Court disagreed with the Tribunal's interference with lower authorities' decisions, citing the absence of factual findings supporting exceptional circumstances. Referring to relevant case laws, the High Court ruled in favor of the Revenue, highlighting the Tribunal's erroneous legal conclusion. Case-Laws Income Tax Mon, 08 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11070