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2013 (5) TMI 895 - ITAT PUNEDisallowance u/s 40A(3) - Payments in cash higher than the specified limits 20,000/- - Held that:- Sec 40A(3) is brought for curbing the circulation of black money and if payments made are bonafide, then there is no requirement to make the disallowance - the plea of the assessees needs reconsideration - Issue is set aside - allowed for statistical purposes. Addition made u/s.68 - genuineness of transaction, identity and capacity of the creditor - Held that:- Assessee was showing the debtors having credit balances - accordingly requested to file the confirmations and PANs of the concerned debtors - the burden is on the assessee to prove the creditworthiness - assessee failed to discharge the burden- Decided against the assessee Assessee has advanced no interest has been charged - Held that:- The contention of the assessees that there were trade advances on which no interest was charged, has not been properly appreciated by the authorities below - the capital account of the assessee has credit balances - then to that extent it can be said that the assessee has advanced the money interest-free, otherwise also out of assessees’ own capital - Matter Remanded to AO
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