https://www.taxtmi.com/caselaws?id=354300 The Tribunal allowed the appeal, deleting the disallowance made under section 40A(3) of the IT Act for a cash payment made for land purchase. The Tribunal emphasized that the disallowance was unjustified as the expense was not claimed as a deduction, citing previous judgments and noting that the assessment should have been initiated from the last assessed income under section 153A. The appellant's arguments were accepted, leading to a successful appeal and highlighting the importance of accurate application of tax provisions and consideration of judicial precedents in tax assessments. en-us Wed, 17 Jan 2018 00:00:00 +0530 Tue, 23 Jan 2018 08:58:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354300 The Tribunal allowed the appeal, deleting the disallowance made under section 40A(3) of the IT Act for a cash payment made for land purchase. The Tribunal emphasized that the disallowance was unjustified as the expense was not claimed as a deduction, citing previous judgments and noting that the assessment should have been initiated from the last assessed income under section 153A. The appellant's arguments were accepted, leading to a successful appeal and highlighting the importance of accurate application of tax provisions and consideration of judicial precedents in tax assessments. Case-Laws Income Tax Wed, 17 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354300