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2015 (4) TMI 17 - SUPREME COURT

2015 (4) TMI 17 - SUPREME COURT - [2015] 373 ITR 39 (SC) - 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 within the aforesaid block period, the assessee wants the benefit of this amendment for the entire block period of ten years, i.e., 1.4.1986 to 31.3.1996. Such a plea is unacceptable on the face .....

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any principle which would help the appellant in supporting 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 Appellant : Mr. V.S. Jayakumar, Adv. Mr. Ashmeet Singh, Adv. For the Respondent : Mr. Arijit Prasad, Adv. Mr. D.L. Chidananda, Adv. Ms. Anil Katiyar, Adv. ORDER The appellant/assessee herein is eng .....

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were made in cash in excess of ₹ 10,000/- relying on 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 the claim whether the income/loss from the file Thirumurthy was to be computed for the assessment year 1996-97 in accordance with Rule 9A of the Income Tax Rules. It was also directed that in m .....

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the validity of the aforesaid judgment of the High Court, the 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 ten years from 1.4.1986 to 31.3.1996. In the year 1996, the provisions of Section 40A(3) of the Act did not allow any expenditure if it was more than ₹ 20,000/- and paid in cash. The o .....

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