Held that since assessee as well as seller of plots had bank accounts at material time and still transaction was carried out in violation of section 40A(3) without bringing case in any of specific clauses of rule 6DD. Disallowance is held to be justified. (AY. 2013-14)
Suresh Chunnilal Sharma v. ITO (2021) 188 ITD 487 / 213 TTJ 409 / 86 ITR 22 (SN) / 205 DTR 31 (SMC)(Pune)(Trib.)
S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of plots as stock in trade-Disallowance is held to be justified. [R. 6DD]