S.40A(3) No disallowance for genuine & bonafide cash transactions

Brief of the Case

ITAT Delhi held in the case of ITO vs. M/s Pranay Towers that as per the supreme court judgment of Attar Singh Grumukh Singh Vs ITO (SC)191 lTR 667, it is crystal clear that the terms of Section 40A(3) are not absolute and that the genuine and bonafide transactions are not taken out of the sweep and it is open to the assessee to furnish to the satisfaction of the AO, the circumstances under which the payment in the manner prescribed u/s 40A(3) was not practicable or would have caused t

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