2012 (1) TMI 289

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....pondent : Sri Y. V. Raviraj, Advocate. JUDGMENT The appellate is an assessee. He incurred the following payments towards transportation of granites. The assessee sought exemption of the said amount under Section 40A(3) of the Act. The transaction pertains to financial year 2004-05. Section 40a(3) of the I.T. Act for the relevant assessment year read as follows: "(3) where the assess....

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....o deduction to an extent of Rs. 20,000/- in addition, entitled to deduction of 80% of the payment made in excess of Rs. 20,000/- should be permissible for a deduction. In other cheque or demand draft would not be allowed for deduction 3. The relevant lines in the provisions, if read in conjunction it read thus: "where is assessee incurs an expenditure in a sum exceeding Rs. 20,000/- ot....