https://www.taxtmi.com/caselaws?id=278706 The High Court affirmed the decision of the Tribunal and CIT (Appeals) in favor of the assessee regarding tax liability under Section 40A(3) of the Income Tax Act, 1961. The Court found no substantial question of law, as the explanation for cash payments was deemed acceptable and transparent, supported by evidence and judicial precedents. The appeal by the revenue challenging the order was dismissed, emphasizing that when explanations are credible and evidence-backed, there is no basis for legal challenge. en-us Thu, 08 Feb 2018 00:00:00 +0530 Mon, 18 Feb 2019 06:31:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278706 The High Court affirmed the decision of the Tribunal and CIT (Appeals) in favor of the assessee regarding tax liability under Section 40A(3) of the Income Tax Act, 1961. The Court found no substantial question of law, as the explanation for cash payments was deemed acceptable and transparent, supported by evidence and judicial precedents. The appeal by the revenue challenging the order was dismissed, emphasizing that when explanations are credible and evidence-backed, there is no basis for legal challenge. Case-Laws Income Tax Thu, 08 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278706