https://www.taxtmi.com/caselaws?id=457055 ITAT Kolkata ruled in favor of the assessee on multiple grounds. The tribunal held that cash payments below Rs. 20,000 to collection personnel who made lumpsum deposits did not violate Section 40A(3), as expenditure genuineness was undoubted. Regarding low withdrawals, the tribunal found that combined family withdrawals of Rs. 1,80,662 were sufficient for a four-member family in remote Midnapore, considering agricultural income and spouse's independent business. The tribunal also deleted addition on non-genuine gift, accepting that the donor had sufficient sources and provided adequate documentation under Section 133(6) notice. en-us Thu, 31 Aug 2023 00:00:00 +0530 Tue, 03 Sep 2024 22:33:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457055 ITAT Kolkata ruled in favor of the assessee on multiple grounds. The tribunal held that cash payments below Rs. 20,000 to collection personnel who made lumpsum deposits did not violate Section 40A(3), as expenditure genuineness was undoubted. Regarding low withdrawals, the tribunal found that combined family withdrawals of Rs. 1,80,662 were sufficient for a four-member family in remote Midnapore, considering agricultural income and spouse's independent business. The tribunal also deleted addition on non-genuine gift, accepting that the donor had sufficient sources and provided adequate documentation under Section 133(6) notice. Case-Laws Income Tax Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457055