https://www.taxtmi.com/caselaws?id=389554 The Tribunal dismissed the Revenue Department's Miscellaneous Application, upholding the deletion of a disallowance under Section 40A(3) of the Income Tax Act. It affirmed that the cash payments for land purchase were genuine business transactions, supported by payee identity, executed sale deeds, and revenue authorities' certification. The Tribunal rejected the Revenue's challenge based on pending Miscellaneous Applications and a High Court judgment recall, emphasizing that rectification under Section 254(2) is limited to correcting apparent mistakes, not for review or revision. The decision was based on thorough consideration of facts and legal precedents, with no need for rectification. en-us Wed, 11 Sep 2019 00:00:00 +0530 Wed, 11 Dec 2019 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389554 The Tribunal dismissed the Revenue Department's Miscellaneous Application, upholding the deletion of a disallowance under Section 40A(3) of the Income Tax Act. It affirmed that the cash payments for land purchase were genuine business transactions, supported by payee identity, executed sale deeds, and revenue authorities' certification. The Tribunal rejected the Revenue's challenge based on pending Miscellaneous Applications and a High Court judgment recall, emphasizing that rectification under Section 254(2) is limited to correcting apparent mistakes, not for review or revision. The decision was based on thorough consideration of facts and legal precedents, with no need for rectification. Case-Laws Income Tax Wed, 11 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389554