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 ₹3,18,40,0

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