Section 40(a)(3)
Querist : Anonymous
cash payment made on next day is 10 lacs.
after three days, payment made by cheque balance amt.i.e. 40 lacs.
what will be disallowance amt. 10 lacs or total 50 lacs.
pls answer by stating any case law for the same.
because answer is 10 lacs but no case law i found..
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
and payment of Rs.10 Lacs is against which bill & its amount (if there are more than single bills)
Querist : Anonymous
>payment is against more than single bill.
or
>50 lacs is single bill. ?
tell me in both case.
The Whole amount would be disallowed
but if the payment of Rs.10 Lacs is against more than single bills
then the amount of bill against which Rs.10 Lacs is paid would be disallowed
i.e. suppose if bill amount is Rs.15 Lacs
against which Rs.10 Lacs is paid in cash
then Rs.15 Lacs would be disallowed
Querist : Anonymous
you mean to say 50 lacs will be disallowed ?
i am not agree with this ..
can you state any case law here to prove it....
i mean Rs.10 Lacs
CIT v. Aloo Supply Co. [1980] 121 ITR 680
Querist : Anonymous
but any other latest case law.
asking because its very old one.
but i would like to tell you that this provision has various loop holes
so now a days there are no case laws relating to this section.
Citation :- H.A. Nek Mohamed and Sons Vs. CIT (1982) 135ITR 501 (All).
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