https://www.taxtmi.com/caselaws?id=23199 The Court ruled in favor of the assessee, holding that the cash payments made were genuine and valid despite not being through crossed cheques or bank drafts, citing practical difficulties faced by businesses. The Tribunal's rejection of the explanation for cash payments was deemed unjustified, emphasizing that the genuineness of transactions was not in doubt. The Court highlighted that acceptance or rejection of explanations is a matter of inference and a question of law. The Court decided against the Revenue's claim, disallowing the disallowance of payments and leaving open the question of whether such payments should be considered as expenditure. en-us Tue, 07 Aug 1990 00:00:00 +0530 Thu, 17 Dec 2009 13:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23199 The Court ruled in favor of the assessee, holding that the cash payments made were genuine and valid despite not being through crossed cheques or bank drafts, citing practical difficulties faced by businesses. The Tribunal's rejection of the explanation for cash payments was deemed unjustified, emphasizing that the genuineness of transactions was not in doubt. The Court highlighted that acceptance or rejection of explanations is a matter of inference and a question of law. The Court decided against the Revenue's claim, disallowing the disallowance of payments and leaving open the question of whether such payments should be considered as expenditure. Case-Laws Income Tax Tue, 07 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23199