2015 (4) TMI 17

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....e Respondent : Mr. Arijit Prasad, Adv. Mr. D.L. Chidananda, Adv. Ms. Anil Katiyar, Adv. ORDER The appellant/assessee herein is engaged in production and distribution of motion pictures mainly in Tamil language. There was a search under Section 132 of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') at the business premises of the assessee during which certain book of a....

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....he expenditure and make the disallowance under the provisions of Section 40A(3) of the Act, as was applicable for the assessment year in question. Feeling aggrieved by the order of the Appellate Tribunal, the appellant filed appeal before the High Court. The High Court did not accept the contentions of the appellant which were based on the amended Section 158B(b) in Chapter XIVB of Finance Act, 20....

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.... payments made in excess of Rs. 10,000/- were to be disallowed as the expenditure. Provisions of Section 40A(3) were amended with effect from 1.4.1996. With this amendment, in cases where the cash payment is made in excess of Rs. 20,000/-, disallowance is limited to 20% of the expenditure. Since the date of the amendment falls within the aforesaid block period, the assessee wants the benefit of th....