The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the disallowance of cash payments amounting to Rs. 66,61,467 for violating the threshold limit of Rs. 10000 prescribed under Section 40A(3) of the Income Tax Act, 1961. Devcare Solutions (assessee) who had observed by the Assessing Officer (AO) that the assessee had withdrawn…
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