ITAT Upholds 40A(3) Despite Genuine Purchases- Cash Payments on Working Days Hit by 40A(3)

Texo The Builders Vs ACIT (ITAT Bangalore) VAT Bills Don’t Save Cash Payments – ITAT Upholds 40A(3) Despite Genuine Purchases- Cash Payments on Working Days Hit by 40A(3), Assessee is a real-estate developer. Survey u/s 133A led to detection of substantial cash payments toward materials, labour & other project expenses. AO held that several payments exceeded the monetary limit prescribed u/s 40A(3), made on working days, & not covered by Rule 6DD exceptions. AO completed reassessment u/s 147 with major disallowances. CIT(A) partly allowed relief, directing AO to verify payments cat...