Section 40A(3)
This query is : Resolved
21 September 2008
A payment is made for purchases by depositing cash into the bank account of the seller by the buyer, if exceeds Rs 20000/- will that be liable to be disallowed under Section 40A(3) of Income Tax? Pls Advise
22 September 2008
Yes, it is disallowable.
22 September 2008
No,it is allowable as per the decision of Bangalore ITAT in Sri Renukeswara Rice Mills vs.ITO (2005) ITR 77.
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