https://www.taxtmi.com/caselaws?id=379467 The High Court upheld the disallowance of cash payments for land purchases by the Assessee under Section 40A(3) of the Income Tax Act, considering the lands as stock-in-trade for the Real Estate business. The Court emphasized the Assessee's failure to prove exceptional circumstances justifying the cash payments under Rule 6DD. Due to the lack of detailed discussion by the authorities on Rule 6DD, the case was remanded back to the Assessing Authority for a reevaluation, stressing the necessity for a fair and diligent assessment process to ensure transparency and integrity in decision-making. en-us Tue, 09 Apr 2019 00:00:00 +0530 Thu, 02 May 2019 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379467 The High Court upheld the disallowance of cash payments for land purchases by the Assessee under Section 40A(3) of the Income Tax Act, considering the lands as stock-in-trade for the Real Estate business. The Court emphasized the Assessee's failure to prove exceptional circumstances justifying the cash payments under Rule 6DD. Due to the lack of detailed discussion by the authorities on Rule 6DD, the case was remanded back to the Assessing Authority for a reevaluation, stressing the necessity for a fair and diligent assessment process to ensure transparency and integrity in decision-making. Case-Laws Income Tax Tue, 09 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379467