This is a complicated question which needs further inputs. In my opinion if the firm to whom your client had paid cash was a creditor of your client then the chances of disallowance u/s 40A(3) should be studied. In case this is shown as a loan/advance the applicability of 269SS/T should be considered.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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