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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Multiple cash payments are made to same party on a single day - ...

Income Tax

September 6, 2012

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

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  1. Disallowance u/s 40A(3) r.w.r 6DD - Cash payment - as per the amended provisions, the said provisions shall apply only if the aggregate amount of payments made to single...

  2. Addition u/s 40A(3) - Payment not made in cash but paid to third parties on behalf of supplier of goods – AO was not justified in invoking the section 40A(3) - AT

  3. 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

  4. Disallowance of expenditure u/s. 40A(3) - AO without verifying necessary cash book to ascertain the quantum of payments has simply made disallowance with a vague...

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

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

  7. Disallowance u/s 40A(3) - transactions and payments made in cash - assessee filed affidavits from sub-contractors of assessee firm and they insisted for cash payments to...

  8. Revision u/s 263 by CIT - As per CIT there is violation of section 40A(3) not considered by AO - if all such vouchers reflecting cash payment to a single party/creditor...

  9. Disallowance u/s 40A(3) - cash payments to lorry drivers - The payments is supported by ledger account of transport operators on whose behalf the payment were made to...

  10. Payment of expenses in cash - Addition being cash payment in contravention to the provisions of section 40A(3) - if separate invoices have been raised in respect of each...

 

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