Section 40A(3) provisions not intended to restrict business activities

Sabita Panda Vs ITO ( ITAT Cuttack)

In the present case, the assessee is engaged in dealings in mobile recharge vouchers on a wholesale basis and retail basis. During the assessment year under consideration, the assessee made purchases of recharge vouchers from M/s. Stock Point, Puri and the Assessing Officer verified the ledger account of the assessee and found that a large number of payments exceeding Rs.20,000/- were made in cash in contravention of the provisions of section 40A(3) of the�

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