Court Rules No Deductions for Purchases Made Without Account Payee Cheques u/s 40A(3) for This Assessment Year.

Court Rules No Deductions for Purchases Made Without Account Payee Cheques u/s 40A(3) for This Assessment Year. https://www.taxtmi.com/highlights?id=72803 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 the 1977 circular, the petitioner/assessee could not have been allowed deductions on the subject payments made by the petitioner/assessee as the rule under which leeway was claimed did not exist for the AY in question. - HC en-us Mon, 30 Oct 2023 08:50:51 +0530 Mon, 30 Oct 2023 08:50:51 +0530 TaxTMI RSS Generator Court Rules No Deductions for Purchases Made Without Account Payee Cheques u/s 40A(3) for This Assessment Year. https://www.taxtmi.com/highlights?id=72803 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 the 1977 circular, the petitioner/assessee could not have been allowed deductions on the subject payments made by the petitioner/assessee as the rule under which leeway was claimed did not exist for the AY in question. - HC Highlights Income Tax Mon, 30 Oct 2023 08:50:51 +0530 https://www.taxtmi.com/highlights?id=72803