No disallowance for Cash payment by forex dealer for purchase of foreign currency 

Ahmed World Travels Tours & Cargo Pvt. Ltd Vs ACIT (OSD) (ITAT Chennai) As regards cash payments made for hotel expenses, although, the Assessing Officer stated that the assessee has incurred expenses in cash, but it was the argument of the assessee that it has purchased foreign currency (Saudi Riyal) to be given to its customers, who travel for Hajj pilgrimage as per itinerary and customers paid hotel bills in foreign currency. The assessee had also filed license issued by the Reserve Bank of India to deal with foreign currency in light of provisions of clause (l) of Rule 6DD of I.T Rules...