SECTION 40A(3) READ WITH RULE 6 DD-CITATION OF ADJUDGED JUDI

1925 views 2 replies

SECTION 40A(3) READ WITH RULE 6 DD

SIR! OUR CLIENT IS DEALING IN SELLING OF KRAFT WASTE PAPER IN GUJARAT , PURCHASE IT FROM MUMBAI, THANE, PUNE, SURAT, VAPI, SILVASSA ETC., SELL THE SAME TO PAPER MILLS MANUFACTURING KRAFT PAPER USING KRAFT WASTE PAPER AS RAW MATERIAL.
 
THE CLIENT RECEIVE PAYMENT INCLUDING VAT FRO PAPER MILLS IN CHEQUE, DEPOSIT THE SAME IN BANK, WITHDRAW CASH & MAKE PAYMENT TO WASTE PAPER SUPPLIER IN CASH AS THEY DO NOT HAVE ANY BANK ACCOUNT, ALL ARE UNREGISTERED DEALERS.
 
THE CLIENT BUSINESS WILL BE SUFFERED IF HE DO NOT MAKE THE PAYMENT IN CASH TOWARDS PURCHASES.
 
IN BOOKS , PURCHASE IS BOOKED FROM VARIOUS PARTIES, SHOW PAYMENT NOT EXCEEDING RS. 20000/- DAY IN ORDER TO NOT TO ATTRACT SEC. 40A(3).
 
IS THERE ANY CIT-APPEALS, ITAT- PREFERABLY FROM GUJARAT , H.C. OR S.C. ADJUDICATING THAT IF THE BUSINESS OF THE ASSESSSEE WILL SUFFER IF PURCHASE IS NOT POSSIBLE WITHOUR PAYING CASH, RATHER THEN CHEQUE.??????
 
 
KINDLY LET US KNOW AT OUR MAIL ID -lnmittal @ dataone.in.
 
CA Laxmi Mittal
M.No. 038894
Replies (2)

if we make payment to one party upto Rs. 20,000 in cash during the whole day; we can claim deduction for the same.If payment to same person exceeds 20,000 in a day,the whole amt. will be disallowed.

thanks

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
24 June 2026
Chartered Accountant - GST & Direct Tax

APL

Mumbai

CA

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details