#Section 40A(3)
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268 articlesIncome Tax
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Cash payment cannot be disallowed if not claimed as business expense or capitalized
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Precaution to be Taken While Cash Transaction
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Disallowance U/S 40A(3) not Possible if transaction genuine & cash payment done on Seller’s Insistence
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Section 40A(3) additions not justified when demand draft amount credited to bank account although not crossed
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Provisions of Section 68 Cannot be applied to Sundry Creditor
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S. 40A(3) Validity of Cash payments exceeding limit to Electricity Board
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ITAT deletes addition under section 40A(3) for Cash payments to BSNL
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Section 40A(3) / 40A(2) Non Deduction of Cash Expenses / payments to Relatives
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Expenses Disallowed under section 40A(3) and Section 40A(3A)
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Sec. 40A(3) applies only to revenue expenditure debited to P&L account
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Cash Payments not claimed as expenditure cannot be disallowed U/s. 40A(3)
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Section 40A(3) overrides section 145(3) read with section 144
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No disallowance for cash payments if transaction is genuine & identity of payee is known
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