https://www.taxtmi.com/caselaws?id=310939 ITAT Jaipur upheld disallowance under section 40A(3) for cash payments exceeding Rs. 20,000 to purse and bag manufacturers, as assessee failed to prove cottage industry exception. Unexplained cash addition was confirmed due to lack of verification and unavailable party address despite audited books. Various expense disallowances were deleted following coordinate bench precedent, as AO made adhoc additions without rejecting books of accounts. Matter regarding valuation of surrendered stock during survey was remanded to AO for fresh verification of gold and diamond ornaments details. en-us Mon, 27 Nov 2017 00:00:00 +0530 Tue, 28 Nov 2023 06:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310939 ITAT Jaipur upheld disallowance under section 40A(3) for cash payments exceeding Rs. 20,000 to purse and bag manufacturers, as assessee failed to prove cottage industry exception. Unexplained cash addition was confirmed due to lack of verification and unavailable party address despite audited books. Various expense disallowances were deleted following coordinate bench precedent, as AO made adhoc additions without rejecting books of accounts. Matter regarding valuation of surrendered stock during survey was remanded to AO for fresh verification of gold and diamond ornaments details. Case-Laws Income Tax Mon, 27 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310939