Section 40A(3) not applicable if single transaction not exceeds threshold limit

ACIT Vs Cellbiz Services (ITAT Kolkata)

CIT(A) has categorically mentioned that the cash book, purchase register and all individual invoices where cash transaction had taken place have been thoroughly checked and it is found that not a single such transaction actually exceeded the threshold limit of Rs.20,000/-. In view of the aforesaid factual finding given by the CIT(A) after thoroughly checking the record and account of the assessee that not a single transaction actually exceeded the threshold limit of Rs.20,000/- and that there is no violation of th

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