Cash payment made to one single party, during a day in various transactions ( being each payment below Rs. 20000) but combined payment in excess of Rs. 20000/- during the F. Y. 2007-08. Whether it is disallowed u/s. 40A(3). Because the specific ammendment has come into effect from 01.04.2009 (vide CBDT Notification No. 97/2008). What is the position during the F. Y. 2007-08?
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Cash Payment in excess of Rs. 20000
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it will not disallowed u/s. 40A(3) as amount paid before amendment comming in to force
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