The Income Tax Appellate Tribunal (ITAT), Pune Bench held that disallowance u/s. 40A(3) of the Income Tax Act, 1961 without appreciating business expediency in payment towards genuine transaction. The assessee, Shivaji Bhimaji Gaikwadhas challenged the action of CIT(A) in confirming the disallowance u/s. 40A(3) of the Act without appreciating the business expediency in payment of…
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