Tribunal remanded the issue back to Assessing Officer for examination afresh with a direction to assessee to substantiate that payment was made on bank holiday, payment was made by agent and further business exigency also demanded payment of cash. (AY. 2015-16)
Chandra Moolchand Jain. (Smt.) v. ITO (2025) 211 ITD 398 (Bang) (Trib.)
S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Payments were made on bank holidays-Issue is restored back to file of Assessing Officer for examination afresh.
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