Transactions Deemed Genuine: Section 40A(3) Disallowances Overturned, No Tax Evasion Detected in Cash Payments Over Rs. 20,000.

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....Disallowances u/s 40A(3) - payment in cash exceeding prescribed threshold of twenty thousand rupees - the genuineness of the transactions and it being free from vice of any device of evasion of tax is relevant consideration for which section 40A(3) has been brought on the statute books and which has been satisfied in the instant case. - Addition deleted.....