Home Highlights December 2013 Year 2013 This

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1. Disallowance u/s 40A(3) - transactions and payments made in cash - assessee filed affidavits from sub-contractors of assessee firm and they insisted for cash payments to...

2. Addition u/s 40A(3) - cash payment in excess of prescribed limit - Genuineness or otherwise of payment is not a criteria to exclude cash payment in excess of prescribed...

3. Disallowance u/s 40A(3) - cash payment of legal tender fees to the ‘South Western Railway’ which is a part of the Government was covered in the exceptions provided in...

4. Disallowance of cash payments u/s 40A(3) - making additions by invoking the provisions of section 40A(3) of the Act amounts to double additions which is not permissible...

5. Disallowance u/s.40A(3) - expenses towards air ticket and hotel expenses in cash in excess of prescribed limit u/s.40A(3) - there is merit in arguments of the assessee...

6. Addition for undisclosed cash payments - Merely because the payments made by cheque appearing in the ledger copy and actually made by the assessee tallied, it cannot...

7. Disallowance of cash payments in excess of prescribed limit u/s. 40A(3) - even though few payments is covered u/s. 40A(3) of the Act, because of peculiar nature of...

8. 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...

9. Addition u/s 40A(3) - Payments made otherwise than by an account payee cheque - It is admitted case of assessee that to one of the parties even payments were made by...

10. Disallowance u/s 40A(3) - cash payments made by the assessee above ₹ 20,000/- in a single day - when old ornaments are sold in dire need then why an unknown person...

11. Addition u/s 40A(3) - allegation of making huge cash payments in excess of Rs. 20,000/- As per the assessment order made u/s 144, no books of accounts were produced - in...

12. Disallowance u/s 40A(3) - cash payment exceeding ₹ 20,000 - assessee had no bank account at Cuttack and seller was insisting for cash payments - genuineness of...

13. Mere disallowance of expenses u/s 40A(3) would not invite penalty for concealing or furnishing inaccurate particulars of income. Assessee disclosed all particulars...

14. Disallowance of freight expenditure u/s 40A(3) paid in Cash - As enhanced limit of ₹ 35,000/- is applicable for the payment to the transport operators and in other...

15. Disallowance u/s. 40A(3) - business expediency in payment of cash towards genuine transaction - The contention of the assessee from the day one is that the sellers...