2014 (1) TMI 643

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.... filed by the Assessee against the order dated 01.03.2012 passed by the ld. CIT(A)-II, Agra for the Assessment Year 2008-09. 2. The assessee has raised the following grounds of appeal :- "1. Because the learned authorities below have erred on facts and in law in disallowing a sum of Rs.4,76,000/- under section 40A(3) without appreciating the position of law as on the date of payment made that th....

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....at the bricks were purchased from M/s. Krishna Int Udyog, Firozabad. The A.O. noticed that cash payment of Rs.2,52,000/- was paid. Similarly, the assessee has shown purchase of cement in cash exceeding Rs.20,000/- for Rs.2,24,000/-. 4. The CIT(A) confirmed the order of the A.O. 5. We have heard the ld. Representatives of the parties and records perused. The contention of the assessee was that th....

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.....Y. 2009-10 section 40A(3) is not applicable if each payment is made of less than Rs.20,000/-. The amendment in section 40A(3) was made by the Finance Act, 2008 w.e.f. 2009-10. The ld. Authorised Representative has also referred a C.B.D.T. Circular No.1/2009 dated 27.03.2009 explanatory notes to the provisions of the Finance Act 2008. In the case under consideration, the admitted facts of the case....