Home Highlights April 2014 Year 2014 This

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1. 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...

2. Disallowance u/s 40A(3)- trade creditors outstanding - amounts paid otherwise than by a/c. payee cheques or drafts - provisions for different assessment year analyzed - AT

3. Additions u/s 40A(3) - Payment made in Cash - Since the AO has not doubted the genuineness of the expenses as no such disallowance has been made and the AO has made only...

4. 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...

5. Addition u/s 40(A)(3) - payment was made otherwise then by account payee cheque - assessee failed to prove - addition confirmed - HC

6. Addition made u/s 40A(3) - payment through bearer cheques - payment made otherwise than by cheque or crossed cheque - since the entries in the bank statement reflects...

7. Disallowance u/s 40A(3) - AO opined that banker’s cheques were not covered in any of the provisions of Rule 6DD of the Income Tax Rules as they were the account payee...

8. Negotiable Instruments - Cheque - To restrain negotiability, addition of words 'Not Negotiable' or “Account Payee Only' is necessary. A crossed bearer cheque can be...

9. Dishonor of Cheque - Account closed - When the cheque is returned by a bank with an endorsement account closed, it would amount to returning the cheque unpaid because...

10. Addition u/s 40A(3) - purchases made otherwise than by account payee cheque - Genuineness of expenses - Even if the petitioner’s/assessee’s case fell within the ambit of...

11. Disallowance u/s 14A - Disallowance made on account of interest expenditure - AO has not made any disallowance on account of interest expenditure u/s 14A of the I.T. Act...

12. Penalty u/s 271D - loan in cash otherwise than an account payee cheque or draft - Assessee has placed on record only the ledger account, from that it is not clear...

13. Dishonor of cheque due to account freeze falls within the purview of Section 138 of the Negotiable Instruments Act. The test is whether the account had insufficient...

14. Dishonor of Cheque - drawer of cheque - Vicarious liability - From the bare reading of Section 138 of the N.I. Act, it transpires that the liability of the drawer of the...

15. Disallowance u/s. 40A(3) - payment made to the truck drivers in cash - Where cash payments are made under bonafide conditions and no doubt is raised over genuineness of...