https://www.taxtmi.com/caselaws?id=383056 The Tribunal upheld the decision of the lower authorities and dismissed the Tax Appeal under Section 260-A of the Income Tax Act, 1961. The Appellate Tribunal's order deleting the disallowance under section 40A(3) for the Assessment Year 2011-12 was affirmed. It was held that the Assessing Officer was unjustified in making the disallowance as no payments exceeding Rs. 20,000 in a day were found, and the total payments for land purchase were made for business reasons. The Tribunal found no error of law or fact in the decision and concluded that the disallowance was not warranted based on the presented facts. en-us Mon, 08 Jul 2019 00:00:00 +0530 Tue, 16 Jul 2019 09:19:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383056 The Tribunal upheld the decision of the lower authorities and dismissed the Tax Appeal under Section 260-A of the Income Tax Act, 1961. The Appellate Tribunal's order deleting the disallowance under section 40A(3) for the Assessment Year 2011-12 was affirmed. It was held that the Assessing Officer was unjustified in making the disallowance as no payments exceeding Rs. 20,000 in a day were found, and the total payments for land purchase were made for business reasons. The Tribunal found no error of law or fact in the decision and concluded that the disallowance was not warranted based on the presented facts. Case-Laws Income Tax Mon, 08 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383056