The Ld. A.O. has not found any fault with the payment nor has disbelieve the payment made for the coal suppliers who are duly registered with the VAT department. The payment has not been doubted by the A.O. or by the Ld. CIT(A), hence looking to the facts that the payments were made after the… Read More »
Restrictions on cash Payments w.e.f 01.04.2017 Summary –Amendment in Section 40A(3): As per Finance Act 2017 w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) reduced threshold of cash payment to a person from twenty thousand rupees to ten thousand rupees in a single day; i.e any payment in cash above ten thousand rupees to a person in… Read More »
Cash payment made on Sunday, being last date of registration of sale deed, won’t be disallowed Where assessee paid cash on Sunday in order to execute sale deed same being covered by exception provided under rule 6DD(j), disallowance under section 40A(3) was to be deleted IN THE ITAT CHANDIGARH BENCH ‘B’ HI Tech Land… Read More »