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2004 (1) TMI 37 - HC - Income TaxPayment by account payee cheque or account payee draft - Tribunal was of the opinion that the payee insisted on cash payment as observed by the learned CIT (Appeals) and further that the transactions were found to be genuine - Genuine and bona fide transactions are not taken out of the sweep of the section 40A(3) - It is open to the assessee to furnish to the satisfaction of the Assessing Officer the circumstances under which payment, in the manner prescribed in section 40A(3), was not practicable or would have caused genuine difficulty to the payee. It is also open to the assessee to identify the person who has received cash payment. – Tribunal’s decision require no interference
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