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2018 (6) TMI 1273 - ITAT CHENNAIDisallowance u/s.40A(3) - cash payment against purchase of old gold ornaments under auction - As per the assessee, identity of the person to whom he had made the payments were established and genuineness of the purchases were not doubted. - Held that:- No doubt if an assessee is able to demonstrate a situation which compelled it to make payments in cash, then application of Section 40A(3) of the Act might be excused. However as mentioned by us, assessee before us has been unable to demonstrate any such situation, which could convince us to exempt him from application of rigours of Section 40A(3) of the Act. We therefore do not find any reason to interfere with the orders of the lower authorities. - Decided against assessee.
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