No addition for Cash payments in excess of prescribed limit as Assesse given undertaking for not claiming that expenditure

Kalyan Lok Nirman (P) Ltd. Vs DCIT (ITAT Indore) The issue under consideration is whether the disallowance u/s 40A(3) of the Act for the alleged payment in cash in excess of the limit prescribed u/s 40A(3) of the Act for making payment for purchase of land is justified in law? ITAT states that, in the instant appeal also the assessee purchased the land at Gram Bada Baghda, Tehsil, Indore for total consideration of Rs.17,04,240/- and except for the amount of Rs.4,26,060/- paid in cash, the balance amount was paid through account payee cheque. The details of payment through cheque and cash were ...