https://www.taxtmi.com/caselaws?id=398373 The Tribunal upheld the disallowance of cash payments exceeding the prescribed limit under Section 40A(3) of the Income Tax Act, 1961, as the assessee failed to prove the genuineness of the transactions or demonstrate business expediency justifying the payments. The appeal was dismissed, emphasizing the necessity for substantiating genuine transactions with concrete evidence to claim exemptions under Section 40A(3) read with Rule 6DD. en-us Mon, 07 Sep 2020 00:00:00 +0530 Mon, 09 Nov 2020 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398373 The Tribunal upheld the disallowance of cash payments exceeding the prescribed limit under Section 40A(3) of the Income Tax Act, 1961, as the assessee failed to prove the genuineness of the transactions or demonstrate business expediency justifying the payments. The appeal was dismissed, emphasizing the necessity for substantiating genuine transactions with concrete evidence to claim exemptions under Section 40A(3) read with Rule 6DD. Case-Laws Income Tax Mon, 07 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398373