https://www.taxtmi.com/caselaws?id=411212 The ITAT Hyderabad allowed the Revenue's appeal, reinstating the Ld. AO's order on the validity of reopening the assessment based on audit objection and the disallowance of cash payments exceeding Rs. 20,000 under section 40A(3) of the Act. The Tribunal held that reopening the assessment based on factual information from the audit party was valid under the law and upheld the disallowance of cash payments exceeding the specified limit due to lack of proper verification. en-us Wed, 16 Jun 2021 00:00:00 +0530 Fri, 20 Aug 2021 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411212 The ITAT Hyderabad allowed the Revenue's appeal, reinstating the Ld. AO's order on the validity of reopening the assessment based on audit objection and the disallowance of cash payments exceeding Rs. 20,000 under section 40A(3) of the Act. The Tribunal held that reopening the assessment based on factual information from the audit party was valid under the law and upheld the disallowance of cash payments exceeding the specified limit due to lack of proper verification. Case-Laws Income Tax Wed, 16 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411212