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MG. Pictures (Madras) Limited Versus Assistant Commissioner of Income Tax

2015 (4) TMI 17 - SUPREME COURT

Disallowance under Section 40A(3) - limit of payments in cash in excess of ₹ 10,000/- increased to ₹ 20,000 by an amendment - whether to be applied retrospectively - Block assessment - Held that:- Since the date of the amendment falls wit .....

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, which is so mentioned in the explanatory notes of amendments as well.

Once we find that the amendment is substantive in nature, it cannot be applied retrospectively. The only ground on which the assessee wants benefit of this amendment f .....

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the aforesaid contention. We are, thus, of the opinion that the order of the High Court is perfectly justified. - Decided against assessee. - CIVIL APPEAL NO. 1793 OF 2004 - Dated:- 25-3-2015 - A.K. Sikri And Rohinton Fali Nariman JJ. For the Appell .....

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ly in Tamil language. There was a search under Section 132 of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') at the business premises of the assessee during which certain book of accounts were seized. Consequent to the search .....

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Section 40A(3) of the Act as it stood prior to 1.4.1996. The appellant filed appeal before the Income Tax Appellate Tribunal, Madras Bench (for short 'the Tribunal'). appeal and remitted the matter to the Assessing Officer for considering th .....

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he expenditure and make the disallowance under the provisions of Section 40A(3) of the Act, as was applicable for the assessment year in question. Feeling aggrieved by the order of the Appellate Tribunal, the appellant filed appeal before the High Co .....

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he present appeal has been preferred with the leave of the Court. As is clear from the facts noted above, because of search carried on at the premises of the appellant-assessee, a proposal was made for completion of assessment for the block period of .....

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ssessee could satisfactorily demonstrate to the Assessing Officer that it was not possible to make payment in cheque. Even in those cases, the expenditure was allowable up to ₹ 10,000/-, and all cash payments made in excess of ₹ 10,000/- .....

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