Disallowance u/s 40A(3) - depositing cash in bank account of ...

Cash Deposit in Supplier's Account Not Disallowed u/s 40A(3), Additions Deleted by Officer.

May 1, 2023

Case Laws Income Tax AT

Disallowance u/s 40A(3) - depositing cash in bank account of supplier - the purpose of Section 40A(3), is only preventive and to check tax evasions and flow of unaccounted money or to check transaction which are not genuine and may be put up as camouflage to evade tax by showing fictitious or false transactions. Admittedly, this is not so in the present case of the assessee, as ld. AO also has accepted the fact that assessee directly deposited cash in the bank account of the supplier - Additions deleted - AT

View Source

← Previous Next →

Disallowance u/s 40A(3) - depositing cash in bank account of ...

Cash Deposit in Supplier's Account Not Disallowed u/s 40A(3), Additions Deleted by Officer.

May 1, 2023

Case Laws Income Tax AT

You may also like:

Addition u/s 40A(3) - direct despot of cash in the bank account of the supplier - supplier acknowledged credited the said cash receipts in the ledger account of the...

Addition u/s 40A(3) - cash payments were made to truck drivers after banking hours - even this amount should not have been disallowed u/s 40A(3) read with Rule 6DD of...

Transfer of property deemed as short-term capital gain due to holding period less than 36 months, disallowing deduction u/s 54F. Additions for difference in commission...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Addition u/s 40A(3) - Payment not made in cash but paid to third parties on behalf of supplier of goods – AO was not justified in invoking the section 40A(3) - AT

The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

Addition as cash receipts and cash payment - the tax auditor reported these two items of cash receipt and cash payment shown under the column of loan and deposits...

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...

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...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Disallowance u/s 40A(3) - cash payment - There is no case of addition of section 40A(3) with regard to purchases that were made on account of capital items - AT

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...

Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

Addition on account of cash deposits in personal saving bank account of the shareholder of the company - source of cash deposits are duly explained and same pertained to...

Quick Updates: