I think there is still some doubt, Here client is making Payment to the bank in CASH to purchase A/c payee draft which ultimately handed over to his supplier.
CAN IT Dept. raise any question regarding use of CASH for purchasing Draft.
I am in doubt because I came across a case where purchaser repeatedly deposited cash to supplier's CBS bank a/c, and IT department has disallowed all such purchases. .
PLEASE PROVIDE YOUR VALUABLE VIEWS IF POSSIBLE WITH A CASE LAW.
From: Rajkumar Makwana <r.r.makwana@gmail.com>
To: aaykarbhavan@yahoogroups.com
Sent: Sunday, 26 August 2012 10:44 AM
Subject: Re: [aaykarbhavan] Sec 40A(3)(a) ,-- cash draft disallowed?
Section is very clear.
Payment exceeding Rs 20000/-
be in account payee cheque OR Draft.
Payment exceeding Rs 20000/-
be in account payee cheque OR Draft.
On Wed, Aug 22, 2012 at 5:59 PM, mitra <sjmrng29@yahoo.co.in> wrote:
my client paid to his supplier by CASH DRAFT. ACCORDING TO SEC 40A(3)(a) , payment in excess of Rs. 20000/- should be maid by A/c payee cheque or DRAFT . Can IT dept disallow such expenditure just because payment made by CASH draft , whether cash draft will be considered same as cash payment?
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