#Section 40A(3)
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268 articlesIncome Tax
Income Tax
S. 40A(3) Purchase of poultry feeds falls under exceptions clause provided in Rule 6DD(e)
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Disallowance u/s 40A (3) for aggregate cash payments of more than Rs. 20,000 in a single day to one person is applicable w.e.f. 01/04/2009
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No Penalty for disallowance based on accurate particulars submitted during scrutiny
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Sec 40A(3) disallowance not attracted for payment made as advance for purchasing assets capitalized in books
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Genuine expenditure paid in cash cannot be disallowed u/s 40A(3)
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Cash advance not claimed as deduction cannot be disallowed u/s 40A (3)
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Peak credit theory for addition to income is applicable when deposit in bank account is out of cash withdrawals
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Section 40A(3) not applies to cash payment exceeding Rs. 20000 made to Government controlled electricity distribution company
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Payment made in excess of Rs 20000/- should be allowed if made in business exigency
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Sec. 40A(3) is to curb / reduce black money transactions not business expediencies
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Unsubstantiated material found in pen drive cannot be considered as a conclusive evidence to make additions
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S. 40A(3) No disallowance for cash payments made to ‘Broker’ who makes cash payments on behalf of the assessee
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Assessee must substantiate its claim that payment in cash were not in violation of section 40A(3)
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