Cash payment against purchases(f.y.2008-09)

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Great Roy (Querist)
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20 September 2011 During the F.Y.2008-09,We pay cash against purchases more than 20,000 in a day with three and four money receipts.But, ITO insisting to impose penalty for cash payment.He says that the act amended in f.y 2008-09 and we can not pay in a day more than 20,000. Pls. advise me how I can defense myself for this.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 September 2011 With effect from 1/4/2008, the law has be amended to plug in the loop whole as you have practiced. In all probability, ITO's view, therefore, will sustain.

Great Roy

Great Roy (Querist)
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20 September 2011 Thanks, Pls explain the queries.

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