Payment in violation of sec. 40A(3) to be disallowed even if transaction was genuine amp; party was identifiable: ITAT

Payment in violation of sec. 40A(3) to be disallowed even if transaction was genuine amp; party was identifiable: ITAT

July 16, 2022
INCOME TAX : Where assessee made certain payments in cash which exceeded stipulated limit specified in section 40A(3), therefore, notwithstanding fact that transactions were genuine and parties were identifiable, disallowance under section 40A(3) was to be upheld

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