https://www.taxtmi.com/caselaws?id=310122 The Tribunal upheld the CIT(A)'s decision to delete the disallowance under Section 40A(3) for cash payments made to suppliers exceeding Rs.20,000 per day. The exemption under Rule 6DD for payments made for agricultural produce, specifically rice, was supported by the definition of rice as agricultural produce under the Tamil Nadu Agricultural Produce Marketing (Regulation) Act, 1987. The Tribunal considered the business expediency of the new corporate entity in its first year of operations and dismissed the Revenue's appeal, emphasizing the importance of relevant facts and definitions in tax provision applicability. en-us Wed, 21 Dec 2022 00:00:00 +0530 Sat, 07 Oct 2023 08:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310122 The Tribunal upheld the CIT(A)'s decision to delete the disallowance under Section 40A(3) for cash payments made to suppliers exceeding Rs.20,000 per day. The exemption under Rule 6DD for payments made for agricultural produce, specifically rice, was supported by the definition of rice as agricultural produce under the Tamil Nadu Agricultural Produce Marketing (Regulation) Act, 1987. The Tribunal considered the business expediency of the new corporate entity in its first year of operations and dismissed the Revenue's appeal, emphasizing the importance of relevant facts and definitions in tax provision applicability. Case-Laws Income Tax Wed, 21 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310122