https://www.taxtmi.com/caselaws?id=357756 The Tribunal partially allowed the appeal challenging the disallowance made under section 40A(3) of the Income Tax Act, 1961. The case involved a partnership firm in the jewelry business that had made cash payments exceeding Rs. 20,000 to various parties. The Commissioner of Income Tax Appeals upheld part of the disallowance, citing discrepancies in cash memos. The Tribunal found the genuineness of transactions undisputed but remanded the issue for further examination on the necessity of cash payments. The Assessing Officer was directed to scrutinize suppliers to verify claims, ensuring a fair resolution. en-us Wed, 21 Mar 2018 00:00:00 +0530 Thu, 29 Mar 2018 11:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357756 The Tribunal partially allowed the appeal challenging the disallowance made under section 40A(3) of the Income Tax Act, 1961. The case involved a partnership firm in the jewelry business that had made cash payments exceeding Rs. 20,000 to various parties. The Commissioner of Income Tax Appeals upheld part of the disallowance, citing discrepancies in cash memos. The Tribunal found the genuineness of transactions undisputed but remanded the issue for further examination on the necessity of cash payments. The Assessing Officer was directed to scrutinize suppliers to verify claims, ensuring a fair resolution. Case-Laws Income Tax Wed, 21 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357756