https://www.taxtmi.com/highlights?id=79417 Hon'ble ITAT held that assessee failed to prove business expediency for cash purchases exceeding Rs. 20,000 hence disallowance u/s 40A(3) was justified. Cash deposits in bank account were treated as unexplained income as assessee couldn't prove source. Addition regarding license fee paid to Excise Department was set aside for verification by AO. Assessee's appeal partly allowed for statistical purposes. en-us Mon, 15 Jul 2024 08:19:22 +0530 Sat, 13 Jul 2024 21:32:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79417 Hon'ble ITAT held that assessee failed to prove business expediency for cash purchases exceeding Rs. 20,000 hence disallowance u/s 40A(3) was justified. Cash deposits in bank account were treated as unexplained income as assessee couldn't prove source. Addition regarding license fee paid to Excise Department was set aside for verification by AO. Assessee's appeal partly allowed for statistical purposes. Highlights Income Tax Mon, 15 Jul 2024 08:19:22 +0530 https://www.taxtmi.com/highlights?id=79417