Addition u/s 40A(3) - cash payment in excess of prescribed limit ...

Income Tax

March 1, 2023

Addition u/s 40A(3) - cash payment in excess of prescribed limit - Genuineness or otherwise of payment is not a criteria to exclude cash payment in excess of prescribed limit from the provisions of Sec.40A(3) of the Act. - The assessee had also failed to make out a case of business exigency in making cash payment, because, it was the claim of the assessee that cash has been directly credited into bank accounts of sub-contractors and said bank accounts are maintained in one bank - AT

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Addition u/s 40A(3) - cash payment in excess of prescribed limit ...

Income Tax

March 1, 2023

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