https://www.taxtmi.com/caselaws?id=762260 The ITAT Chandigarh allowed the assessee's appeal on three grounds. First, regarding disallowance under section 40A(3) for excess cash payments, the tribunal held that such payments should be examined considering business exigencies. For an event management business, excess payments may be necessary, and if the revenue doesn't doubt the payee's identity or transaction genuineness, disallowance isn't required. Second, concerning section VI-A deduction claims in returns filed under section 153A/B/C notices, the tribunal ruled that the Supreme Court precedent in Sun Engineering Works doesn't apply to such claims. Third, regarding TDS credit disallowance, the tribunal directed the Assessing Officer to calculate the refund amount per Income Tax Act provisions, overturning the CIT(A)'s restrictive approach. en-us Wed, 09 Oct 2024 00:00:00 +0530 Wed, 27 Nov 2024 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762260 The ITAT Chandigarh allowed the assessee's appeal on three grounds. First, regarding disallowance under section 40A(3) for excess cash payments, the tribunal held that such payments should be examined considering business exigencies. For an event management business, excess payments may be necessary, and if the revenue doesn't doubt the payee's identity or transaction genuineness, disallowance isn't required. Second, concerning section VI-A deduction claims in returns filed under section 153A/B/C notices, the tribunal ruled that the Supreme Court precedent in Sun Engineering Works doesn't apply to such claims. Third, regarding TDS credit disallowance, the tribunal directed the Assessing Officer to calculate the refund amount per Income Tax Act provisions, overturning the CIT(A)'s restrictive approach. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762260