https://www.taxtmi.com/caselaws?id=281903 The ITAT allowed the appeal, ruling that the disallowance of cash payments exceeding prescribed limits under section 40A(3) of the Income Tax Act was unwarranted. The ITAT found that the assessee demonstrated business expediency due to the urgent need of funds by female landowners insisting on cash payments, supported by genuine transactions. The ITAT emphasized that genuine transactions should not be disallowed solely for not falling under Rule 6DD, directing the deletion of the disallowance. en-us Tue, 17 Jul 2018 00:00:00 +0530 Fri, 12 Jul 2019 06:36:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281903 The ITAT allowed the appeal, ruling that the disallowance of cash payments exceeding prescribed limits under section 40A(3) of the Income Tax Act was unwarranted. The ITAT found that the assessee demonstrated business expediency due to the urgent need of funds by female landowners insisting on cash payments, supported by genuine transactions. The ITAT emphasized that genuine transactions should not be disallowed solely for not falling under Rule 6DD, directing the deletion of the disallowance. Case-Laws Income Tax Tue, 17 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281903