https://www.taxtmi.com/caselaws?id=373442 The High Court upheld the Tribunal's decision to disallow cash transactions under Section 40A(3) of the Income Tax Act. The appellant failed to prove the necessity of cash payments for purchasing gold ornaments, citing business expediency and auction requirements. The Court found no evidence supporting the appellant's claims of being part of a syndicate or the immediate cash payment terms at auctions. As the appellant could not substantiate the need for cash transactions, the Court dismissed the appeal, affirming the lower authorities' decisions. en-us Fri, 04 Jan 2019 00:00:00 +0530 Sat, 12 Jan 2019 07:02:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373442 The High Court upheld the Tribunal's decision to disallow cash transactions under Section 40A(3) of the Income Tax Act. The appellant failed to prove the necessity of cash payments for purchasing gold ornaments, citing business expediency and auction requirements. The Court found no evidence supporting the appellant's claims of being part of a syndicate or the immediate cash payment terms at auctions. As the appellant could not substantiate the need for cash transactions, the Court dismissed the appeal, affirming the lower authorities' decisions. Case-Laws Income Tax Fri, 04 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373442