https://www.taxtmi.com/caselaws?id=359017 The Tribunal allowed the assessee's appeal regarding the disallowance under Section 40A(3) for cash payments exceeding the prescribed limit. The Tribunal dismissed the Revenue's appeal on both the disallowance under Section 40A(3) and the interest on borrowed funds due to interest-free advances to related concerns. The decision highlighted the necessity of verifying compliance with prescribed limits and the availability of sufficient own funds before disallowing expenses. en-us Fri, 20 Apr 2018 00:00:00 +0530 Mon, 23 Apr 2018 06:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359017 The Tribunal allowed the assessee's appeal regarding the disallowance under Section 40A(3) for cash payments exceeding the prescribed limit. The Tribunal dismissed the Revenue's appeal on both the disallowance under Section 40A(3) and the interest on borrowed funds due to interest-free advances to related concerns. The decision highlighted the necessity of verifying compliance with prescribed limits and the availability of sufficient own funds before disallowing expenses. Case-Laws Income Tax Fri, 20 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359017