https://www.taxtmi.com/caselaws?id=416109 The Tribunal allowed the appeals filed by the assessee, directing the AO to delete the disallowance of cash payments under Section 40A(3) and the addition of unsecured loans under Section 68. The Tribunal held that the cash payments were justified due to the peculiar nature of the assessee's business, falling under exceptions provided by Rule 6DD. Sufficient evidence was provided to prove the identity and creditworthiness of the creditor for the unsecured loans, leading to the deletion of the addition under Section 68. Consequential interest charges under Sections 234A, 234B, and 234C were impacted accordingly. en-us Wed, 08 Dec 2021 00:00:00 +0530 Fri, 09 Sep 2022 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416109 The Tribunal allowed the appeals filed by the assessee, directing the AO to delete the disallowance of cash payments under Section 40A(3) and the addition of unsecured loans under Section 68. The Tribunal held that the cash payments were justified due to the peculiar nature of the assessee's business, falling under exceptions provided by Rule 6DD. Sufficient evidence was provided to prove the identity and creditworthiness of the creditor for the unsecured loans, leading to the deletion of the addition under Section 68. Consequential interest charges under Sections 234A, 234B, and 234C were impacted accordingly. Case-Laws Income Tax Wed, 08 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416109