Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 120 - AT - Income TaxDisallowance u/s. 40A(3) - multiple cash payments are made to same party on a single day - Held that:- As none of the payments to the same party in each instance was more than Rs. 20,000/- although the aggregate of the payments to the same party on the same day is more than Rs. 20,000/- therefore, respectfully following the decision in the case of CIT Versus Ashok Iron and Steel Rolling Mills (2009 (10) TMI 414 - ALLAHABAD HIGH COURT) no disallowance u/s.40A(3) in the impugned case can be made. Since the amendment to section 40A(3) was brought to the statute book by the Finance Act 2008 w.e.f. 01-04-2009 wherein the words “aggregate of payments made to a person in a day” was inserted, therefore, same in our opinion being not retrospective in nature cannot be applicable to assessment year 2006-07, i.e. year for which the assessee is in appeal before us - in favour of assessee.
|