https://www.taxtmi.com/caselaws?id=301691 The Tribunal allowed the appeal, directing the Assessing Officer to delete disallowances under Section 40A(3) for both Freight Outward and Freight Inward Expenses. Relying on the Gujarat High Court decision, the Tribunal emphasized genuine business needs and payment authenticity, overturning the CIT(A)'s findings. The case highlighted that Section 40A(3) aims to prevent black money transactions without impeding legitimate business requirements. en-us Mon, 17 Oct 2016 00:00:00 +0530 Sat, 16 Apr 2022 08:10:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301691 The Tribunal allowed the appeal, directing the Assessing Officer to delete disallowances under Section 40A(3) for both Freight Outward and Freight Inward Expenses. Relying on the Gujarat High Court decision, the Tribunal emphasized genuine business needs and payment authenticity, overturning the CIT(A)'s findings. The case highlighted that Section 40A(3) aims to prevent black money transactions without impeding legitimate business requirements. Case-Laws Income Tax Mon, 17 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301691