This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
No disallowance U/s. 40A(3) on Payment by debtor directly to creditor of assessee through banking channel
Case Law Details
- Case Name
- M/s. Lion Mercantile P. Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
Lion Mercantile P. Ltd. Vs ITO (ITAT Mumbai)
Section 40A(3) is undisputedly anti tax avoidance provision to check evasion of taxes and to discourage movement of funds exceeding monetary limits specified in Section 40A(3) in the economy otherwise than through the prescribed modes of payments viz. account payee cheques or account payees drafts or the use of electronic clearing system through a bank account with a view to discourage movements of funds of large magnitude otherwise than through prescribed and approved banking channels in order to check evasion of taxes . The Sectio...
