https://www.taxtmi.com/caselaws?id=382842 The Tribunal allowed the appeals for Assessment Years 2012-13 and 2013-14, deleting disallowances under Section 40A(3) of the Income Tax Act for cash payments exceeding the prescribed limit for land purchases. The Tribunal acknowledged the genuine nature of the transactions, the business exigencies, and the assessee's compliance with recording and documentation requirements. Following precedent emphasizing business expediency and genuine transactions, the Tribunal ruled in favor of the assessee, deleting disallowances of Rs. 4,26,060 and Rs. 18,50,000 for the respective assessment years. en-us Tue, 09 Jul 2019 00:00:00 +0530 Thu, 11 Jul 2019 07:51:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382842 The Tribunal allowed the appeals for Assessment Years 2012-13 and 2013-14, deleting disallowances under Section 40A(3) of the Income Tax Act for cash payments exceeding the prescribed limit for land purchases. The Tribunal acknowledged the genuine nature of the transactions, the business exigencies, and the assessee's compliance with recording and documentation requirements. Following precedent emphasizing business expediency and genuine transactions, the Tribunal ruled in favor of the assessee, deleting disallowances of Rs. 4,26,060 and Rs. 18,50,000 for the respective assessment years. Case-Laws Income Tax Tue, 09 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382842