Section 40A(3)

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Vikram (Querist)
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21 September 2008 A payment is made for purchases by depositing cash into the bank account of the seller by the buyer, if exceeds Rs 20000/- will that be liable to be disallowed under Section 40A(3) of Income Tax? Pls Advise

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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22 September 2008 It will be disallowed as it is not in accordance with the stipulation of section 40A(3).

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2008 Sir
The Bangalore Tribunal in Sri Renukeswara Rice mills vs ITO (2005) 278 ITR 77 has allowed the expenditure.

Vikram

Vikram (Querist)
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23 September 2008 THanks for your replies. THough I'd similar views athat of Mr S.Srinivasaraghavan, however, the fact brought by Mr Chakrapani is enlightening.

Mr Chakrapani, can u please provide the case digest. Also if there was a appeal to the tribunal decision, pls provide dtails.

Ravikumar.G

Ravikumar.G (Expert)
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23 September 2008 Mr.Chakrapani can you please provide further appeal regarding this issue.

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