Business expenditure—Disallowance under s. 40A(3)
Last updated: 12 October 2007
Court :
`A’ AHMEDABAD BENCH
Brief :
SECTION 40A(3)
Business expenditure—Disallowance under s. 40A(3)—Cash payment exceeding Rs. 2,500—Assessee
dealing in silver ornaments, if he had to do his business could not avoid paying by cash—Exceptional
or unavoidable circumstances, therefore, existed for not making payment by a crossed cheque or a
crossed bank draft—Such payment would not even have been practicable—Assessee's accounts
having been accepted by CIT, genuineness of payments also proved—No reason, therefore, to
disallow the same
Citation :
(1986) 24 TTJ (Ahd) 216
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CA. Rayan Sequeira
Published in Income Tax
Views : 44
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