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Income Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

Disallowance u/s.40A(3) - cash payment against purchase of old ...

Income Tax

June 26, 2018

Disallowance u/s.40A(3) - cash payment against purchase of old gold ornaments under auction - As per the assessee, identity of the person to whom he had made the payments were established and genuineness of the purchases were not doubted - assessee failed to pass the test - additions confirmed.

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  1. Disallowance u/s 40A(3) - cash payment - There is no case of addition of section 40A(3) with regard to purchases that were made on account of capital items - AT

  2. Violation of section 40A(3) - payment in cash in excess of prescribed limit for purchasing of scrap from the Railways - No disallowance - HC

  3. Disallowance u/s 40A(3) - payment in case for purchase of recharge vouchers from Tata Teleservices Limited - payments were genuine - rigors of section 40A(3) / Rule 6DD...

  4. Revision u/s 263 by CIT - cash payment made for purchase of old gold jewellery - Actually the assessee has not made any purchases in cash in alleged transactions and...

  5. Addition u/s.40A(3) - Purchases made in Cash - assessee has purchased gold and silver through staff at villages, on Sunday/bank holidays, exchange value of old gold and...

  6. Disallowance of cash payments in excess of prescribed limit u/s. 40A(3) - even though few payments is covered u/s. 40A(3) of the Act, because of peculiar nature of...

  7. Disallowance of Payments made in Cash u/s 40A(3) - there is no exemption if payment made to sister concerns - AT

  8. Disallowance u/s 40A(3) - cash payments made by the assessee above ₹ 20,000/- in a single day - when old ornaments are sold in dire need then why an unknown person...

  9. Multiple cash payments are made to same party on a single day - no disallowance u/s.40A(3) - amendment in not not retrospective in nature - AT

  10. Disallowance u/s 40A(3) - 20% of the expenditure made in cash - payment made towards advance - decided in favor of assessee - AT

 

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