TMI BlogPayment of expenses in Cash over the specified limit - The primary object of enacting Section 40A(3) of...Payment of expenses in Cash over the specified limit - The primary object of enacting Section 40A(3) of the Act was two folds. Firstly, putting a check on treating transactions with a mind to evade the liability to tax on income earned out of such transactions and secondly, to inculcate the banking habits amongst the business community. That the genuineness of the transaction and it being free from vice of any device of evasion of tax is relevant consideration which could be examined before invo..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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