https://www.taxtmi.com/caselaws?id=369374 The Tribunal upheld the Principal Commissioner of Income Tax's revision under Section 263, confirming the disallowance of cash payments amounting to Rs. 42,10,000 under Section 40A(3) of the Income Tax Act. The Tribunal rejected the assessee's argument regarding the nature of the property purchase and affirmed the CIT's decision as valid and essential to rectify the erroneous assessment that was prejudicial to the Revenue. The appeal by the assessee was dismissed, reinforcing the correctness of the CIT's actions in the case. en-us Fri, 10 Aug 2018 00:00:00 +0530 Fri, 26 Oct 2018 06:22:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369374 The Tribunal upheld the Principal Commissioner of Income Tax's revision under Section 263, confirming the disallowance of cash payments amounting to Rs. 42,10,000 under Section 40A(3) of the Income Tax Act. The Tribunal rejected the assessee's argument regarding the nature of the property purchase and affirmed the CIT's decision as valid and essential to rectify the erroneous assessment that was prejudicial to the Revenue. The appeal by the assessee was dismissed, reinforcing the correctness of the CIT's actions in the case. Case-Laws Income Tax Fri, 10 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369374