https://www.taxtmi.com/caselaws?id=17545 The court ruled in favor of the assessee, emphasizing a strict interpretation of u/s 40A(3) of the Income-tax Act, 1961. The court held that the provision mandates that individual transactions should not exceed Rs. 2,500 each, rather than considering the aggregate amount of multiple transactions. Despite potential loopholes, the court emphasized adherence to the statute's wording, ultimately deciding against the Revenue and in favor of the assessee. en-us Wed, 18 Sep 1996 00:00:00 +0530 Wed, 23 Sep 2009 12:07:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17545 The court ruled in favor of the assessee, emphasizing a strict interpretation of u/s 40A(3) of the Income-tax Act, 1961. The court held that the provision mandates that individual transactions should not exceed Rs. 2,500 each, rather than considering the aggregate amount of multiple transactions. Despite potential loopholes, the court emphasized adherence to the statute's wording, ultimately deciding against the Revenue and in favor of the assessee. Case-Laws Income Tax Wed, 18 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17545