Case Law Details
Case Name : Pappadiyil Brothers Vs ITO (ITAT Cochin)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Cochin
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Pappadiyil Brothers Vs ITO (ITAT Cochin)
Assessee, a partnership firm engaged in wholesale & retail grocery business, had filed its return declaring income of ₹18.02 lakh. AO completed the assessment u/s 143(3) determining income at ₹1.00 Cr. While doing so, AO made two major additions – ₹64.98 lakh being cash deposits in specified bank notes during demonetisation & ₹17.35 lakh disallowed u/s 40A(3) for cash payments exceeding ₹20,000.
On appeal, CIT(A) deleted the demonetisation addition of ₹64.98 lakh but confirmed the disallowance of ₹17.35 lakh u/s 40A(3).
Assessee ...
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Author Bio
It my be noted that clause (j) in Rule 6DD which read as under:
‘(j) where the payment was required to be made on a day on which the banks were closed either on account of holiday or strike;’
was OMITTED by Notification No. G.S.R. 56(E), dated 29.1.2020 (w.e.f. 26.3.1962)