SEC 40A(3)
This query is : Resolved
CA Navin Jain
(Querist)
13 October 2010
If ABC Ltd. purchased stock worth Rs. 25000 from XYZ Ltd. on 25.06.10 and deposit cash of Rs. 25000 in SBI account or ICIC Bank or any national or local bank account, of XYZ Ltd, then
It would be allowed or disallowed u/s 40A(3) of IT Act.
if allowed/disallowed due to any case law / circular / rule, then please refer it.
It would be allowed or disallowed u/s 40A(3) of IT Act.
if allowed/disallowed due to any case law / circular / rule, then please refer it.
CA Sanat Pyne
(Expert)
13 October 2010
Yes It will be disallowed as the single transaction value and payment amount is crossing the maximum limit.
cash deposit to the paties Bank Account will be treated as cash payment.
cash deposit to the paties Bank Account will be treated as cash payment.
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