https://www.taxtmi.com/caselaws?id=765051 The ITAT Bangalore addressed disallowance under section 40A(3) read with Rule 6DD concerning 61 cash transactions exceeding Rs. 20,000. The assessee claimed payments were made through an employee/supervisor acting as agent, not directly by the assessee, and that provisions didn't apply to stock-in-trade purchases. The assessee cited precedents regarding genuineness of transactions. Since lower authorities hadn't considered these issues, ITAT remanded the matter to AO with directions for the assessee to substantiate agent payments and business exigency for cash transactions on bank holidays. Appeal allowed for statistical purposes. en-us Mon, 20 Jan 2025 00:00:00 +0530 Thu, 23 Jan 2025 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765051 The ITAT Bangalore addressed disallowance under section 40A(3) read with Rule 6DD concerning 61 cash transactions exceeding Rs. 20,000. The assessee claimed payments were made through an employee/supervisor acting as agent, not directly by the assessee, and that provisions didn't apply to stock-in-trade purchases. The assessee cited precedents regarding genuineness of transactions. Since lower authorities hadn't considered these issues, ITAT remanded the matter to AO with directions for the assessee to substantiate agent payments and business exigency for cash transactions on bank holidays. Appeal allowed for statistical purposes. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765051