https://www.taxtmi.com/caselaws?id=290212 The ITAT allowed the assessee's appeal, overturning the disallowance made under Section 40A(3) for cash payments exceeding Rs. 20,000 to M/s. Sitalakshmi Mills Ltd. The Tribunal found that the payments were driven by business expediency and genuine difficulty due to the recipient's financial situation, aligning with exemptions under Rule 6DD. Emphasizing a prudent businessman's perspective, the ITAT's decision was based on a purposive interpretation of the law, similar to the Supreme Court's stance in Attar Singh Gurumukh Singh. en-us Fri, 16 Mar 2018 00:00:00 +0530 Tue, 15 Sep 2020 10:43:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290212 The ITAT allowed the assessee's appeal, overturning the disallowance made under Section 40A(3) for cash payments exceeding Rs. 20,000 to M/s. Sitalakshmi Mills Ltd. The Tribunal found that the payments were driven by business expediency and genuine difficulty due to the recipient's financial situation, aligning with exemptions under Rule 6DD. Emphasizing a prudent businessman's perspective, the ITAT's decision was based on a purposive interpretation of the law, similar to the Supreme Court's stance in Attar Singh Gurumukh Singh. Case-Laws Income Tax Fri, 16 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290212