Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 643 - AT - Income TaxDisallowance u/s 40A(3) – purchase of bricks for Rs.2,52,000/- though made in cash but each voucher was for below Rs. 20,000/- - Held that:- The amendment in section 40A(3) is w.e.f. A.Y. 2009-10 as per C.B.D.T. Circular No.1/2009 dated 27.03.2009 - The amended provisions is not applicable in A.Y. 2008-09 - Following CIT vs. Kothari Sanitation & Tiles (P). Ltd. [2006 (1) TMI 61 - MADRAS High Court] – The words used are "in a sum" i.e. single sum, irrespective of any number of transactions where the amount does not exceed the amount in each transaction, section 40A(3) will not apply - Decided in favour of assessee.
|