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Income Tax - Highlights / Catch Notes

Home Highlights October 2012 Year 2012 This

Disallowance of Payments made in Cash u/s 40A(3) - there is no ...


Cash Payments to Sister Concerns Disallowed u/s 40A(3) of Income Tax Act; Banking Channels Required for Compliance.

October 21, 2012

Case Laws     Income Tax     AT

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

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  7. Mere disallowance of expenses u/s 40A(3) would not invite penalty for concealing or furnishing inaccurate particulars of income. Assessee disclosed all particulars...

  8. Invocation of section 40A(3) - Octroi was paid to the Ahmedabad Municipal Corporation – Cash payment - payment does not come within the provisions of section 40A(3) read...

  9. Disallowance of cash payments u/s 40A(3) - making additions by invoking the provisions of section 40A(3) of the Act amounts to double additions which is not permissible...

  10. Disallowance u/s. 40A(3) - assessee has made cash payment of ₹ 2 Lakhs to a sister concern - this amount was not claimed as an expenditure, no disallowance is...

  11. Addition as cash receipts and cash payment - the tax auditor reported these two items of cash receipt and cash payment shown under the column of loan and deposits...

  12. Disallowance u/s 40A(3) - AO opined that banker’s cheques were not covered in any of the provisions of Rule 6DD of the Income Tax Rules as they were the account payee...

  13. Addition u/s 40A(3) - cash payments in excess of the limit prescribed - each payment, on each day to each person was less than ₹ 20,000/- in cash - There were both...

  14. 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

  15. 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

 

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