https://www.taxtmi.com/caselaws?id=369471 The Appellate Tribunal ruled in favor of the assessee in a case involving disallowances under sections 40A(3) and 40(a)(ia) of the Income Tax Act, 1961. The Tribunal directed the Assessing Officer to delete the disallowance under section 40A(3) as cash payments were necessitated by business expediency. Regarding the disallowance under section 40(a)(ia), the Tribunal remanded the issue for fresh adjudication considering the retrospective operation of the relevant proviso. The judgment highlighted the significance of business expediency and compliance with tax provisions in determining the allowability of expenses and tax deductions. en-us Wed, 24 Oct 2018 00:00:00 +0530 Sun, 28 Oct 2018 21:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369471 The Appellate Tribunal ruled in favor of the assessee in a case involving disallowances under sections 40A(3) and 40(a)(ia) of the Income Tax Act, 1961. The Tribunal directed the Assessing Officer to delete the disallowance under section 40A(3) as cash payments were necessitated by business expediency. Regarding the disallowance under section 40(a)(ia), the Tribunal remanded the issue for fresh adjudication considering the retrospective operation of the relevant proviso. The judgment highlighted the significance of business expediency and compliance with tax provisions in determining the allowability of expenses and tax deductions. Case-Laws Income Tax Wed, 24 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369471