https://www.taxtmi.com/caselaws?id=293201 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete additions made under section 40A(3) for cash payments exceeding Rs. 20,000/- per day, considering them as routine trade practices necessary for business operations. It directed the Assessing Officer to re-compute disallowances under section 14A read with Rule 8D, excluding investments in subsidiary companies if made from non-interest-bearing funds for strategic purposes. The Tribunal also supported the deletion of an addition under section 68 for unexplained cash credits, finding the transactions genuine. However, it ruled that disallowances under sections 40A(3), 14A, and 68 would not impact the deduction under section 80IA. The Tribunal remitted the issue of reopening assessment under section 147 back to the AO for further consideration. en-us Wed, 22 Jun 2016 00:00:00 +0530 Fri, 29 Jan 2021 13:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293201 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete additions made under section 40A(3) for cash payments exceeding Rs. 20,000/- per day, considering them as routine trade practices necessary for business operations. It directed the Assessing Officer to re-compute disallowances under section 14A read with Rule 8D, excluding investments in subsidiary companies if made from non-interest-bearing funds for strategic purposes. The Tribunal also supported the deletion of an addition under section 68 for unexplained cash credits, finding the transactions genuine. However, it ruled that disallowances under sections 40A(3), 14A, and 68 would not impact the deduction under section 80IA. The Tribunal remitted the issue of reopening assessment under section 147 back to the AO for further consideration. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293201