Payment made by tt in cash

This query is : Resolved

ram gurbani (Querist)
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22 September 2011 dear Sir,
My query is if party has made payment more than 20000by telegraphic transfer in cash through co op credit society/ co op bank. will it be disallowed u/s 40A(3).

rgds,

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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23 September 2011 It will be treated at par like RTGS, so there would be no disallowance for payment made through TT.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 September 2011 If TT is made through co-op society, disallowance attracts under section 40A(3) because exception is for TT through bank.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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24 September 2011 If it is through Post Office or Co-operative Bank then it is not covered u/s 40A(3)

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