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ITAT Upholds 40A(3) Despite Genuine Purchases- Cash Payments on Working Days Hit by 40A(3)
Case Law Details
- Case Name
- Texo The Builders Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Bangalore
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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...
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