Section 40A Cash Payments for Property Purchases Examined; Business Expediency Justifies Transactions Without Additions.

Addition u/s 40A - sum paid in cash in respect of purchase of the two immoveable properties - Sale deed has been executed on 18.8.2013 and the payment has been made on the said date which happens to be Sunday and thus a bank holiday again necessitating the payment in cash coupled with the fact that the seller doesn’t have a bank account - in respect of second sale transaction, the test of business expediency has been met as the initial/advance payment of ₹ 1 lac as insisted by the seller has only been made in cash to secure the transaction and rest all payments have been made through cheque. - No additions - AT .....

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