Case Law Details
Case Name : Deputy Commissioner of Income-tax Vs Kirtilal Kalidas Jewellers (P.) Ltd. (ITAT Chennai)
Appeal Number : IT Appeal No. 564 (MDS.) OF 2012
Date of Judgement/Order : 05/09/2012
Related Assessment Year : 2008-09
Courts :
All ITAT ITAT Chennai
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IN THE ITAT CHENNAI BENCH ‘A’
Deputy Commissioner of Income-tax
Versus
Kirtilal Kalidas Jewellers (P.) Ltd.
IT APPEAL NO. 564 (MDS.) OF 2012
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Need your suggestion on Sec 40 A (3)
Payment through the bank account of supplier by depositing of cash in excess of Rs.20000/-under CBS system of banking network
Can it be disallowed as an expense just cash is being deposited to bank account,treated as cash payment.
But my contention is that payment is made to bank which is covered under exception, as payment to bank is not defined for what purpose .If some body draws a draft by paying cash and the same draft handed over to supplier for supplies will be allowed as expense then why cash deposited in current account of supplier will not be allowed as expense
please advise and provide any case law if available.