Cash payment in excess of prescribed limit on bank/public holidays

Surya Merchants Ltd. Vs DCIT (ITAT Delhi) There is no dispute to the fact that additions have been made u/s 40A(3) of the IT Act on account of cash payments made by the assessee in excess of Rs.20,000/- to various parties, otherwise than by account payee cheques/ bank drafts the details of which have been given in the preceding paragraph. It is the submission of Ld. Counsel for the assessee that provision of section 40A(3) are not applicable to payments made in cash in excess of Rs.20,000/- on bank holidays/ national holidays and where the payments were made to agents. So far as other payments...