https://www.taxtmi.com/caselaws?id=456879 The ITAT Chennai remanded the matter regarding addition u/s 56(2)(vii) for gift in contemplation of death, directing the AO to examine expenditure incurred by the assessee for medical treatment. The tribunal held that amounts spent on medical care would not constitute assessable gifts, though unexplained expenditure may attract s. 69C. Regarding cash purchases u/s 40A(3), the tribunal upheld disallowance, rejecting the assessee's plea of business expediency where sellers insisted on cash payments, stating no estoppel exists against law and contracts inconsistent with statutory provisions are invalid. en-us Mon, 30 Jan 2017 00:00:00 +0530 Thu, 22 Aug 2024 19:52:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456879 The ITAT Chennai remanded the matter regarding addition u/s 56(2)(vii) for gift in contemplation of death, directing the AO to examine expenditure incurred by the assessee for medical treatment. The tribunal held that amounts spent on medical care would not constitute assessable gifts, though unexplained expenditure may attract s. 69C. Regarding cash purchases u/s 40A(3), the tribunal upheld disallowance, rejecting the assessee's plea of business expediency where sellers insisted on cash payments, stating no estoppel exists against law and contracts inconsistent with statutory provisions are invalid. Case-Laws Income Tax Mon, 30 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456879