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Income Tax - Highlights / Catch Notes

Home Highlights November 2023 Year 2023 This

Disallowance u/s 40A(3) - cash payment to the farmers/land ...

Income Tax

November 18, 2023

Disallowance u/s 40A(3) - cash payment to the farmers/land owners exceeding permissible limits - business expediency - section 40A(3) was intended to penalize the tax evader and not honest transactions and that is why after framing Rule 6DD(j) the CBDT steps in by issuing the circular dated 31st May 1977. - No penalty - AT

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  1. Addition u/s 40A(3) - Cash expenditure - assessee has made payments to the land owners exceeding INR 20,000/- - The Tribunal agreed with the appellant's argument to some...

  2. Disallowance u/s 40A(3) - cash payment made for purchase of land to farmers situated in rural area exceeding the prescribed threshold - the transaction and it being free...

  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 u/s 40A - payment in case exceeding permissible limits - purchase of land from the farmers - payment was made on Sunday, when the banks were closed -...

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

  6. 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...

  7. Disallowance u/s 40A(3) - cash payment exceeding ₹ 20,000 - assessee had no bank account at Cuttack and seller was insisting for cash payments - genuineness of...

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

  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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