https://www.taxtmi.com/caselaws?id=391070 The ITAT allowed the appeal, deleting the disallowance under Section 40A(3) of the Income Tax Act, 1961, and the addition under Section 68. The ITAT emphasized the importance of genuine transactions, business expediency, and the assessee's compliance with procedural requirements, ruling in favor of the assessee based on the lack of banking facilities in rural areas and the satisfactory evidence provided regarding the creditworthiness of the transactions. en-us Thu, 05 Dec 2019 00:00:00 +0530 Sat, 18 Jan 2020 13:04:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391070 The ITAT allowed the appeal, deleting the disallowance under Section 40A(3) of the Income Tax Act, 1961, and the addition under Section 68. The ITAT emphasized the importance of genuine transactions, business expediency, and the assessee's compliance with procedural requirements, ruling in favor of the assessee based on the lack of banking facilities in rural areas and the satisfactory evidence provided regarding the creditworthiness of the transactions. Case-Laws Income Tax Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391070