https://www.taxtmi.com/caselaws?id=468544 Cash payments for purchase of land by a real estate developer were held not to fall outside section 40A(3) merely on a plea of business convenience or genuineness of the transactions. The Tribunal noted that acquisition of immovable property did not require immediate cash payment and that the assessee had sufficient time and opportunity to pay by cheque or demand draft. Because the cash payments exceeded the statutory limit and no sufficient business necessity was shown, the disallowance was upheld and the addition sustained. en-us Mon, 03 Feb 2025 00:00:00 +0530 Tue, 12 May 2026 19:15:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468544 Cash payments for purchase of land by a real estate developer were held not to fall outside section 40A(3) merely on a plea of business convenience or genuineness of the transactions. The Tribunal noted that acquisition of immovable property did not require immediate cash payment and that the assessee had sufficient time and opportunity to pay by cheque or demand draft. Because the cash payments exceeded the statutory limit and no sufficient business necessity was shown, the disallowance was upheld and the addition sustained. Case-Laws Income Tax Mon, 03 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468544