https://www.taxtmi.com/caselaws?id=392331 The Tribunal allowed the appeal, directing the deletion of the disallowance under Section 40A(3) of the Income Tax Act. The assessee's cash payments for land purchase, exceeding the prescribed limit, were justified by business expediency and genuine transactions, supported by disclosed bank withdrawals. The Tribunal emphasized that Section 40A(3) should not hinder legitimate business activities and acknowledged the importance of business expediency in certain transactions, ruling in favor of the assessee. en-us Thu, 05 Dec 2019 00:00:00 +0530 Tue, 18 Feb 2020 12:22:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392331 The Tribunal allowed the appeal, directing the deletion of the disallowance under Section 40A(3) of the Income Tax Act. The assessee's cash payments for land purchase, exceeding the prescribed limit, were justified by business expediency and genuine transactions, supported by disclosed bank withdrawals. The Tribunal emphasized that Section 40A(3) should not hinder legitimate business activities and acknowledged the importance of business expediency in certain transactions, ruling in favor of the assessee. Case-Laws Income Tax Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392331