Disallowance Under Section 40A(3)
This query is : Resolved
Rajendra Kumar Sankhla
(Querist)
02 September 2008
My Client Deposited CASH Rs. 50,000, Rs. 80,000 and Rs. 1,00,000 on different dates into his creditors bank account using the core banking facility. Is this amount of payment to the creditors is entitled for disallowance under section 40A(3).
02 September 2008
yes,it is disallowed if it is not paid through account payee cheque or bank draft or through e-payment.
03 September 2008
Yes, I agree with Mr. Jitender; It is disallowable.
07 September 2008
NO. PLEASE REFER SRI RENUKESWARA RICE MILLS Vs ITO (2005) 278 ITR 77 (Bang-Tri)
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