https://www.taxtmi.com/caselaws?id=16363 The High Court directed the Tribunal to refer the question of law regarding exceptional circumstances for cash payments exceeding Rs. 2,500 under section 40A(3) of the Income-tax Act, 1961. The judgment emphasized the need for a holistic consideration of facts to determine the legality of cash payments, highlighting the importance of fulfilling specific conditions as per the Board's Circular. The Tribunal's decision to allow all cash payments was based on factors such as audit reports, genuineness of transactions, and payments made after bank hours, but the judgment stressed that mere insistence by recipients may not suffice. en-us Mon, 28 Jul 1997 00:00:00 +0530 Mon, 07 Sep 2009 12:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16363 The High Court directed the Tribunal to refer the question of law regarding exceptional circumstances for cash payments exceeding Rs. 2,500 under section 40A(3) of the Income-tax Act, 1961. The judgment emphasized the need for a holistic consideration of facts to determine the legality of cash payments, highlighting the importance of fulfilling specific conditions as per the Board's Circular. The Tribunal's decision to allow all cash payments was based on factors such as audit reports, genuineness of transactions, and payments made after bank hours, but the judgment stressed that mere insistence by recipients may not suffice. Case-Laws Income Tax Mon, 28 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16363