ITAT Deletes ₹3.18 Cr Land Cash Payment Disallowance u/s 40A(3): Business Need

ITO Vs Rajpura Properties (ITAT Chandigarh) Chandigarh ITAT upheld the deletion of a ₹3.18 Crore disallowance under Section 40A(3), ruling that the large cash payment for land purchase was dictated by business expediency due to high mistrust and a prior dispute, despite exceeding the banking limits. ITAT Upholds Deletion of ₹3.18 Crore Disallowance on Cash Payment for Land The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench, has dismissed an appeal by the Revenue Department, confirming the deletion of a ₹3,18,40,000 disallowance made under Section 40A(3) of the Income Tax Act, 196...