Disallowance u/s 40A(3) sustainable as cash payment exceeds INR 20,000 to single party in single day
Case Law Details
Case Name : Kalimuthu Harichandran Vs ACIT (ITAT Chennai)
Related Assessment Year : 2012–13
Courts :
All ITAT ITAT Chennai
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Kalimuthu Harichandran Vs ACIT (ITAT Chennai)
ITAT Chennai held that disallowance u/s 40A(3) of the Income Tax Act sustainable as aggregate of the payments made to a single party otherwise by an account payee cheque drawn on a bank or account payee bank draft exceeds Rs.20,000/-in a day.
Facts- AO during the course of assessment proceedings, while examining the books of accounts noted that the assessee has made cash payment in excess of Rs.20,000/- for purchase of dhall and oil.
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