https://www.taxtmi.com/caselaws?id=413467 The High Court ruled in favor of the revenue regarding the validity of proceedings under Section 147 of the Income Tax Act without fresh material. However, the court sided with the assessee in the disallowance under Section 40-A(3), highlighting the genuine nature of transactions and exceptional circumstances justifying cash payments. The court emphasized the burden on the assessee to provide adequate evidence to rebut disallowance under Section 40-A(3) and found the evidence presented to be genuine, allowing the expenditure in question. en-us Fri, 08 Oct 2021 00:00:00 +0530 Tue, 12 Oct 2021 09:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413467 The High Court ruled in favor of the revenue regarding the validity of proceedings under Section 147 of the Income Tax Act without fresh material. However, the court sided with the assessee in the disallowance under Section 40-A(3), highlighting the genuine nature of transactions and exceptional circumstances justifying cash payments. The court emphasized the burden on the assessee to provide adequate evidence to rebut disallowance under Section 40-A(3) and found the evidence presented to be genuine, allowing the expenditure in question. Case-Laws Income Tax Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413467