Case Law Details
Case Name : Shubh Arya Steel Pvt. Ltd. Vs ACIT (ITAT Mumbai)
Appeal Number : ITA No. 1979/Mum/2021
Date of Judgement/Order : 14/06/2022
Related Assessment Year : 2018-19
Courts :
All ITAT ITAT Mumbai
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Shubh Arya Steel Pvt. Ltd. Vs ACIT (ITAT Mumbai)
Disallowance u/s 40A(3) would not fall within the ambit of a prima facie error or arithmetical error warranting adjustment in terms of Section 143(1) of the Act unsustainable.
Facts-
Assessee is a partnership firm carrying on business of ship breaking. ROI for the A.Y.2018-19 was filed by the assessee on 14/09/2018. ROI was processed by the ld. CPC u/s.143(1) of the Act on 16/10/2019. While processing the intimation u/s.143(1), cash payments in excess of Rs.20,000/- which are in violation of Rule 6DD of the Income Tax Rules in the sum of Rs.1,71,043/- was sought to be disallowed u/s.40A(3) of the Act in the intimation.
Conclusion-
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