S.40A(3) No Disallowance for Cash payments exceeding prescribed limit not claimed as expenditure

ACIT Vs Jasmine Buildtech (P) Ltd. (ITAT Delhi) We have perused the orders in the group company’s cases and it is held in both M/s. IAG Promoters and Developers (P) Ltd. and Westland Developers (P) Ltd. that when the payments are not claimed as expense no disallowance arises. We, therefore, hold that disallowance under section 40(A)(3) is not sustainable and the same has to be deleted. FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:- These two appeals are filed by the Revenue and the assessee respectively challenging the order dated 18-12-2012 in Appeal No. 495/09-10/284 passed by the learned C...