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2011 (7) TMI 1386 - HC - Income TaxExtract: .......or demand drafts. Since genuineness of the transactions were not in dispute, the applicability of Section 40A(3) of the Act as a rule is not to deny basic expenditure. The disallowance was rightly accepted by the CIT(A) of the Tribunal. The question is decided against the department and in favour of the assessee. The Income Tax Appeal is dismissed.
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