Disallowance U/S 40A(3) Deleted: Genuineness & Identity of receiver Proven

Surbhi Agarwal Vs ITO (ITAT Jaipur) ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed. Facts- Post completion of scrutiny assessment, PCIT passed the order u/s. 263 of the Income Tax Act, 1961 on 18.03.2019 holding that the assessment order passed on 26.12.2016 was found as erroneous and prejudicial to the interest of the revenue. WIt is seen that the assessee has made a journal entry for Rs. 14,75,000/- for purchase...