[aaykarbhavan] Sum paid in cash of smaller denomination in lieu of currency of higher denomination is out of ambit of sec. 40(A)(3)

Sum paid in cash of smaller denomination in lieu of currency of higher denomination is out of ambit of sec. 40(A)(3)

March 19, 2014[2014] 42 taxmann.com 407 (Hyderabad - Trib.)

IT : Where amount was paid by assessee-company to its managing director for conversion of currency from small denomination into currency of higher denomination, there was no element of expenditure involved and, thus, provisions of section 40A(3) were not applicable

 

Regards

Prarthana Jalan

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