2004 (1) TMI 37

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..... fide transactions are not taken out of the sweep of the section 40A(3) - It is open to the assessee to furnish to the satisfaction of the Assessing Officer the circumstances under which payment, in the manner prescribed in section 40A(3), was not practicable or would have caused genuine difficulty to the payee. It is also open to the assessee to identify the person who has received cash payment. – .....

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..... served by the learned Commissioner of Income-tax (Appeals) and further that the transactions were found to be genuine. We may also note that in Attar Singh Gurmukh Singh v. ITO [1991] 191 ITR 667 (SC), at page 673, it is pointed out that the terms of section 40A(3) are not absolute. Considerations of business expediency and other relevant factors are not excluded. Genuine and bona fide transaction .....

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