https://www.taxtmi.com/caselaws?id=310069 The Tribunal partially allowed the Revenue's appeal, directing a 25% disallowance of the total cash payments made by the assessee under section 40A(3) of the Income Tax Act, 1961. The Tribunal found that the payments exceeded the prescribed limit of Rs. 20,000 per day, considering practical difficulties in the business operations. The Tribunal estimated a fair disallowance to avoid an unrealistic profit margin for the assessee, as the nature of transactions involved multiple drivers and locations. en-us Wed, 03 May 2023 00:00:00 +0530 Wed, 04 Oct 2023 20:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310069 The Tribunal partially allowed the Revenue's appeal, directing a 25% disallowance of the total cash payments made by the assessee under section 40A(3) of the Income Tax Act, 1961. The Tribunal found that the payments exceeded the prescribed limit of Rs. 20,000 per day, considering practical difficulties in the business operations. The Tribunal estimated a fair disallowance to avoid an unrealistic profit margin for the assessee, as the nature of transactions involved multiple drivers and locations. Case-Laws Income Tax Wed, 03 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310069