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2009 (10) TMI 414 - HC - Income TaxBusiness Expenditure- During the course of assessment for the assessment year 1986-87, it was found that the assessee made payment in cash exceeding Rs. 2500. The assessing authority disallowed the amounts by invoking section 40A(3). The Tribunal held that the disallowance under section 40A(3) was not justified as no single payment was more that Rs.2,500. Held that- the latest amendment pointed out on behalf of the revenue was not available during the relevant assessment year and the amendment was not retrospective in nature. Thus there was no infirmity in the order of the Tribunal.
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