https://www.taxtmi.com/caselaws?id=376532 The Tribunal upheld the validity of the proceedings initiated under Section 153C of the Income Tax Act, finding that the documents seized during the search constituted incriminating material. Additionally, the Tribunal upheld the deletion of an addition made under Section 40A(3) of the Act, noting that the cash payments were made due to business expediency and were genuine transactions. Both the cross-objection by the assessee and the appeal by the revenue were dismissed, emphasizing the significance of business expediency and genuine transactions in tax matters. en-us Fri, 28 Dec 2018 00:00:00 +0530 Tue, 12 Mar 2019 08:04:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376532 The Tribunal upheld the validity of the proceedings initiated under Section 153C of the Income Tax Act, finding that the documents seized during the search constituted incriminating material. Additionally, the Tribunal upheld the deletion of an addition made under Section 40A(3) of the Act, noting that the cash payments were made due to business expediency and were genuine transactions. Both the cross-objection by the assessee and the appeal by the revenue were dismissed, emphasizing the significance of business expediency and genuine transactions in tax matters. Case-Laws Income Tax Fri, 28 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376532