Cash Payment to Kerala State Electricity Board Not Disallowable u/s 40A(3)

Mina Wood Industries Vs ITO (ITAT Cochin) The Income Tax Appellate Tribunal (ITAT) Cochin bench has ruled in favor of Mina Wood Industries, a partnership firm, in a tax appeal concerning the disallowance of cash payments made to the Kerala State Electricity Board (KSEB). The appeal was filed against an order from the National Faceless Appeal Centre, Delhi, for the Assessment Year 2015-16. The case originated when the Income Tax Officer (ITO), Ward-3, Kannur, completed an assessment for Mina Wood Industries and disallowed a sum of Rs. 13,06,452/-. This disallowance was made under Section 40A(3)...