High Court Upholds Tax Additions for Cash Payments Exceeding Rs. 20,000 u/s 40A(3); Genuineness Irrelevant.

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....Addition u/s.40A(3) - cash payments were effected by the assessee for the purpose of acquiring rights to screen movies in their theatres as exceeded ₹ 20,000/- - Revenue is right in contending that the genuinity of the transaction is hardly a matter, which should weigh in the minds of the Assessing officer while examining as to the whether the assessees had violated Section 40A(3) - Additions confirmed - HC....