How many judgments cite Mudiam Oil Co. v. ITO?

35 judgments on BharatTax cite Mudiam Oil Co. v. ITO (92 ITR 519), spanning 2017 to 2025.

Which sections of the Income Tax Act does Mudiam Oil Co. v. ITO come up under?

It is most often cited in judgments turning on Section 40A(3), Section 143(3), Section 6DD, Section 131, Section 143(1), Section 143(2).

Mudiam Oil Co. v. ITO

92 ITR 519High Court1973#3408 most cited

What is Mudiam Oil Co. v. ITO authority for?

Section 40A(3) and Rule 6DD are intended to regulate business transactions, prevent the use of unaccounted money, and reduce the chances of using black money. Payments made by crossed cheque or draft facilitate verification of genuineness and source of funds.

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2025.

Also referred to as

Mudiam Oil Co. v. ITO · section 40A(3) · rule 6DD · business transactions · unaccounted money · black money · genuineness of payment · crossed cheque · crossed bank draft

Sections most often in play

Section 40A(3)Section 143(3)Section 6DD Section 131 Section 143(1)Section 143(2)Section 69A Section 133A

Issues it is cited on

business expediency section 40a(3)section 40a profits and gains of business or profession on-money section 40 genuineness of the transaction salary section 131 undisclosed income section 133(6)prescribed

Judgments citing Mudiam Oil Co. v. ITO

TEXO THE BUILDERS ,UDUPI vs. ACIT, CENTRAL CIRCLE-2, MANGALORE

In the result, we dismiss grounds raised by the assessee

ITA 1200/BANG/2025[2014-15]Status: DisposedITAT Bangalore13 Nov 2025AY 2014-15

Bench: Shri.Laxmi Prasad Sahu & Shri.Soundararajan K

For Appellant: Shri. Sandeep Chalapathy, CAFor Respondent: Shri. Subramanian S,JCIT(DR)(ITAT), Bangalore

Section 133ASection 147Section 148Section 154Section 40A(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI.LAXMI PRASAD SAHU, ACCOUNTANT MEMBER AND SHRI.SOUNDARARAJAN K, JUDICIAL MEMBER ITA Nos.1199, 1200/Bang/2025 Assessment Years : 2013-14, 2014-15 M/s. Texo The Builders, Vs. ACIT, 6-49 Sunder Leela, Bommarabettu Village, Central Circle – 2, Hiriadka, Udupi – 576 113. Mangalore. PAN : AAFFT 0780 M APPELLANT RESPONDENT Assessee by : Shri. Sandeep Chalapathy, CA Revenue by : Shri. Subramanian S,JCIT(DR)(ITAT), Bangalore. Date of hearing : 24.09.2025 Date of Pronouncement : 13.11.2025 O R D E R Per Laxmi Prasad Sahu, Accountant Member : These two…

SABHA CHAND,JAIPUR vs. ITO, WARD-2, NARNUAL

In the result, appeal of the assessee is partly allowed

ITA 2790/DEL/2022[2014-15]Status: DisposedITAT Delhi14 Aug 2025AY 2014-15

Bench: Shri Vikas Awasthy & Shri M. Balaganeshआअसं.2790/िद"ी/2022 (िन.व. 2014-15) Sabha Chand, 25-Ka-6, Jyoti Nagar Housing Board Lal, Kothi, Jaipur, Rajasthan 302005 ...... अपीलाथ"/Appellant Pan No: Asqpc-9509-C बनाम Vs. Income Tax Officer, Ward-2, ..... "ितवादी/Respondent Nnl, Haryana 132001

For Appellant: Ms. Rano Jain, Ms Sakashi Rustagi, Advocates &For Respondent: Shri Mahesh Kumar, CIT(DR)

Section 40A(3)

…clear from the provisions of section 40A(3) and rule 6DD that they are intended to regulate business transactions and to prevent the use of unaccounted money or reduce the chances to use black money for business transactions. (Mudiam Oil Company v. ITO [1973] 92 ITR 519 (AP)). If the payment is made by a crossed cheque drawn on a bank or crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute, the court cannot be oblivious of the proliferation of black money whi…

AWAS DEVCON PVT. LTD. ,HOWRAH vs. ITO, WARD-14(4), KOLKATA. , KOLKATA

In the result, both the appeals of the assessee are allowed

ITA 1217/KOL/2023[2015-16]Status: DisposedITAT Kolkata24 Feb 2025AY 2015-16

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

For Appellant: Shri Abhishek Bansal, ARFor Respondent: Shri Arun Kanti Dutta, DR

Section 131Section 143(1)Section 143(3)Section 40A(3)

…lear from the provisions of section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black-money for business transactions. - Mudiam Oil Co. v. ITO [1973] 92 ITR 519 (AP). If the payment is made by a crossed cheque on a bank or a crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious of the proliferation of black-money which is…

AWAS DEVCON PVT. LTD. ,HOWRAH vs. ITO, WARD-13(1), KOLKATA. , KOLKATA

In the result, both the appeals of the assessee are allowed

ITA 1216/KOL/2023[2017-18]Status: DisposedITAT Kolkata24 Feb 2025AY 2017-18

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

For Appellant: Shri Abhishek Bansal, ARFor Respondent: Shri Arun Kanti Dutta, DR

Section 131Section 143(1)Section 143(3)Section 40A(3)

BURMAH DEVI W/O. GOKUL CHAND,REWARI vs. ITO WARD -1, REWARI

In the result, the grounds and appeal filed by the assessee are allowed

ITA 9555/DEL/2019[2009-10]Status: DisposedITAT Delhi11 Sept 2024AY 2009-10

Bench: Shri S.Rifaur Rahman & Shri Sudhir Kumarburmah Devi, Vs. Ito, Ward 1, W/O Gokul Chand, Rewari. Flat No.133, Shanti Lok Society, Sector 3, Bawal Road, Rewari (Haryana). (Pan : Apzpd7437E) (Appellant) (Respondent) Assessee By : Shri Pranav Yadav, Advocate Revenue By : Shri Kanv Bali, Sr. Dr Date Of Hearing : 18.07.2024 Date Of Order : 11.09.2024 Order Per S.Rifaur Rahman,Am: This Appeal Has Been Filed By The Assessee Against The Order Of Learned Commissioner Of Income Tax (Appeals), Rohtak [“Ld. Cit(A)”, For Short] Dated 23.10.2019 For Assessment Year 2009-10. 2. Brief Facts Of The Case Are, Original Assessment Was Made Under Section 143 (3) Of The Income-Tax Act, 1961 (For Short “The Act”) Vide Order Dated 28.11.2011. While Framing Assessment, The Ao Observed That The Assessee Made Cash Payments Of Rs.77,47,703/- Against Purchase Of Goods & Also Made

For Appellant: Shri Pranav Yadav, AdvocateFor Respondent: Shri Kanv Bali, Sr. DR

Section 143Section 40A(3)

…the provisions of Section 40-A(3) and Rule 6-DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black money for business transactions. [See: Mudiam Oil Company v. ITO[(1973) 92 ITR 519 (AP)| ). If the payment is made by a crossed cheque drawn on a bank or a crossed bank draft then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the court cannot be oblivious of the proliferation of black money w…

ITO WARD 3, PANIPAT vs. NARENDER SINGH , PANIPAT

In the result, the appeal of the revenue is dismissed

ITA 3321/DEL/2023[2017-18]Status: DisposedITAT Delhi20 Jun 2024AY 2017-18

Bench: Shri S Rifaur Rahman & Shri Vimal Kumarasstt. Year: 2017-18 Ito Ward 3, Vs. Narender Singh Panipat 217, New Shanti Nagar, Panipat, Haryana 132103 Pan Bokps2460F (Appellant) (Respondent)

For Appellant: Shri Amit Kaushik, AdvocateFor Respondent: Shri Anshul, Sr. DR

Section 142(1)Section 143(2)Section 40A(3)

…from the provisions of Section 40A(3) and Rule 6DD that they are intended to regulate business transactions and to prevent the use of un-accounted money or reduce the chances to use black money for business transactions. (See Mudiam Oil Company v. ITO [1973] 92 ITR 519 (AP). If the payment is made by a crossed cheque drawn on a bank or crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute, the court cannot be oblivious of the proliferation of black money whic…

MUDIT KUMAR BAJAJ,UJJAIN vs. ITO-1(2), UJJAIN

In the result, the appeal of the assessee is allowed”

ITA 550/IND/2023[2018-19]Status: HeardITAT Indore18 Jun 2024AY 2018-19

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani(Respondent/ Revenue) Pan: Aezpb2621P Assessee By Ms. Nupur Ladha & Shri Vaibhav Siroliya, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 13.06.2024 Date Of Pronouncement 18.06.2024 O R D E R

Section 143(1)(a)Section 154Section 40A(3)

…y bills against the electricity consumption. During the year some of the payments were made through cheque and some other were paid in cash. Ld. AR has relied upon the judgment of Hon’ble Andhra Pradesh High Court in the case of Mudiam Oil Co. V ITO (1973) 92 ITR 519 (AP) and submitted that Hon’ble High court has held that Section 40A(3) must not be read in isolation or to the exclusion of Rule 6DD. The Hon’ble High Court has observed that while reading all these provisions makes it clear that the provisions are not intended to restrict the business activities. Thus the Hon’ble High Court has held that the…

AMAN EXPORTS INTERNATIONAL,JAIPUR vs. DCIT CIRCLE 1, JAIPUR

In the result, appeal of the assessee is partly allowed

ITA 147/JPR/2023[2012-13]Status: DisposedITAT Jaipur24 Aug 2023AY 2012-13

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. Manish Tatiwal (CA)For Respondent: Smt. Runi Pal (Addl. CIT) &

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 148Section 40A(3)

…om the provisions of Section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use blackmoney for business transactions. See: Mudiam Oil Company v. ITO, [1973] 92 ITR 519 A.P. If the payment is made by a crossed cheque drawn on a bank or a crossed bank draft then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious of the proliferation of blackmoney which…

M/S ESSARGEE CONSTRUCTION PVT. LTD.,BHOPAL vs. THE ITO -1 (5), BHOPAL

In the result, appeal of assessee is allowed

ITA 10/IND/2023[22014-15]Status: DisposedITAT Indore03 Aug 2023

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Essargee Construction Ito 1(5) Pvt. Ltd. Bhopal Vs. A-10, Mezenine Floor Essarjee House Bhopal (Appellant / Assessee) (Respondent/ Revenue) Pan: Aaace 8852F Assessee By Shri Manoj Fadnis, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 31.07.2023 Date Of Pronouncement 03.08.2023

Section 40Section 40A(3)

…he provi- sions of Section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black- money for business transactions. See: Mudiam Oil Company v. ITO, [1973] 92 ITR 519 A.P. If the payment is made by a crossed cheque drawn on a bank or a crossed bank draft then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious of the proliferation of black-money which…

MURTUJA HUSAINBHAI HIRANI,NA vs. ARIVS.INCOME TAX OFFICER, WARD - 3, , NAVSARI

In the result, the appeal of the assessee is allowed

ITA 196/SRT/2023[2014-15]Status: DisposedITAT Surat26 Jun 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.196/Srt/2023 "नधा"रण वष"/Assessment Year: (2014-15) (Physical Hearing) Murtuja Hussainbhai Hirani, Vs. The Ito, Ward-3, Prop. Of R. K. Bullion, Navsari Shop No.5, Pranav Chamber Madhumati, Navsari – 396445, Gujarat. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aciph3680D Appellant By Shri Rasesh Shah, Ca Respondent By Shri Vinod Kumar, Sr. Dr 09/06/2023 Date Of Hearing Date Of Pronouncement 26/06/2023

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 40A(3)

…ear from the provisions of section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black- money for business transactions. - Mudiam Oil Co. v. ITO [1973] 92 ITR 519 (AP). If the payment is made by a crossed cheque on a bank or a crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious of the proliferation of black-money which is…

T.RAJENDRAN,CHENNAI vs. ACIT NON CORPORATE CIRCLE 20, CHENNAI

In the result, appeal filed by the assessee is allowed

ITA 2032/CHNY/2019[2012-13]Status: DisposedITAT Chennai13 Apr 2023AY 2012-13

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 2032/Chny/2019 िनधा"रण वष" / Assessment Year: 2012-13

For Respondent: Shri. AR V Sreenivasan, Addl. CIT

Section 143(3)Section 40A(3)

…lear from the provisions of section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black-money for business transactions. - Mudiam Oil Co. v. ITO [1973] 92 ITR 519 (API. If the payment is made by a crossed cheque drawn on a bank or a crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious of the proliferation of black-money whi…

ITO, W-2, BARNALA vs. THE TRUCK OPERATOR UNION, BARNALA

In the result, the appeal of the Revenue is allowed for statistical purposes

ITA 893/CHANDI/2019[2015-16]Status: DisposedITAT Chandigarh14 Oct 2022AY 2015-16

Bench: Smt.Diva Singh & Shri Vikram Singh Yadavthe Ito बनाम The Truck Operator Union, Ward-2, Barnala Dhanaula Road, Barnala "थायी लेखा सं./Pan No: Aaaat6497M

For Appellant: Shri Deepak Aggarwal, AdvocateFor Respondent: Shri Sarabjeet Singh, CIT, DR

Section 194C(2)Section 250(6)Section 40Section 40A(3)Section 60A(3)

…lear from the provisions of section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black-money for business transactions. – Mudiam Oil Co. v. ITO [1973] 92 ITR 519 (AP). If the payment is made by a crossed cheque on a bank or a crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious of the proliferation of black-money which is…

M/S. RATILAL & SONS,MUMBAI vs. INCOME TAX OFFICER-17(3)(1), MUMBAI

In the result, appeal by the assessee is allowed

ITA 5276/MUM/2019[2015-16]Status: DisposedITAT Mumbai21 Apr 2022AY 2015-16

Bench: Shri Sandeep Singh Karhail & Shri Gagan Goyal

For Appellant: Shri Jitendra singhFor Respondent: Shri Chandra Vijay, CIT–DR

Section 143(3)Section 250Section 40Section 40A(3)

…lear from the provisions of section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black-money for business transactions. - Mudiam Oil Co. v. ITO [1973] 92 ITR 519 (AP). If the payment is made by a crossed cheque drawn on a bank or a crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious of the proliferation of black-money whi…

S. SHIVRAJ REDDY CONSTRUCTIONS, HYDERABAD,SECUNDERABAD vs. ACIT, CIRCLE-4(1), HYDERABAD, HYDERABAD

Appeal is partly allowed for statistical purposes in above terms

ITA 177/HYD/2017[2009-10]Status: DisposedITAT Hyderabad16 Dec 2021AY 2009-10

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2009-10 M/S. Shivrajreddy Vs. The Acit, Circle 4(1), Constructions, Hyderabad. Secunderabad. Pan : Aanfs4155M. (Appellant) (Respondent) Assessee By: M.V. Anil Kumar Revenue By: Shri Subbaraju Penmetsa Date Of Hearing: 14/12/2021 Date Of Pronouncement: 16/12/2021 O R D E R Per S. S. Godara, J.M. This Assessee’S Appeal For A.Y 2009-10 Arises From The Commissioner Of Income Tax (Appeals)-1, Hyderabad’S Order Dated 15.11.2016, In Case No.0081/Cit(A)-1/Hyd/2015-16/2-16-17, Involving Proceedings Under Section 143(3) R.W.S. 263 Of Income Tax Act, 1961 (In Short, “The Act”).

For Appellant: M.V. Anil KumarFor Respondent: Shri Subbaraju Penmetsa

Section 143(3)Section 40A(3)

…icer that the payment made to M/s. Total Infra was in the normal course of business and the payments were genuine. However, the Assessing Officer followed the following case laws • Attar Singh Gurumukhi Sing Etc. Vs ITO 191 667 (SC). • Medium Oil Co., Vs. ITO 92 ITR 519 (AP). A portion of the order of "Medium Oil Co Vs ITO" was quoted, and is being reproduced as under: "The terms of section 40A(3) are not absolute. Consideration of business expediency and other relevant factors are not excluded. The genuine and bona fide transactions are not taken out of the sweep of the section. It is open to the assessee to fur…

INCOME TAX OFFICER, WARD-17(3), HYDERABAD vs. VALUE PHARMA RETAIL(HYD) PRIVATE LIMITED , HYDERABAD

Appeal is dismissed in above terms

ITA 2056/HYD/2018[2015-16]Status: DisposedITAT Hyderabad26 Aug 2021AY 2015-16

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: NONEFor Respondent: Shri R.Dipak, DR

Section 143(3)Section 40A(3)

…m the provisions of Section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black-money for business transactions. See: Mudiam Oil Company v. ITO, [1973] 92 ITR 519 A.P. If the payment is made by a crossed cheque drawn on a bank or a crossed bank draft then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out :- 5 -: of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious of the proliferation of blackmon…

M/S SKYWAYS TOWNSHIP PVT. LTD.,JAIPUR vs. INCOME TAX OFFICER, WARD-4-2, JAIPUR

In the result, the ground of the assessee's appeal is allowed

ITA 824/JPR/2019[2014-15]Status: DisposedITAT Jaipur22 Jun 2021AY 2014-15

For Appellant: Shri Vedant Agarwal (CA) &For Respondent: Shri Ambrish Bedi (CIT-DR)

Section 2(22)(e)Section 40A(3)

SMT. MANJU GUPTA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4, JAIPUR

In the result, the ground of the assessee's appeal is allowed

ITA 251/JPR/2019[2015-16]Status: DisposedITAT Jaipur22 Jun 2021AY 2015-16

For Appellant: Shri Vedant Agarwal (CA) &For Respondent: Shri Ambrish Bedi (CIT-DR)

Section 2(22)(e)Section 40A(3)

M/S SKYWAYS TOWNSHIP PVT LTD. 1/2 LIC FLATS, VIDYADHAR NAGAR, SECTOR-6, JAIPUR,JAIPUR vs. DCIT CIRCLE-4, JAIPUR, JAIPUR

In the result, the ground of the assessee's appeal is allowed

ITA 250/JPR/2019[2015-2016]Status: DisposedITAT Jaipur22 Jun 2021AY 2015-2016

For Appellant: Shri Vedant Agarwal (CA) &For Respondent: Shri Ambrish Bedi (CIT-DR)

Section 2(22)(e)Section 40A(3)

M/S. ARIHANT TRADERS,NAVI MUMBAI vs. ACIT-28(1),, NAVI MUMBAI

In the result, appeal filed by the assessee for assessment year 2014-

ITA 442/MUM/2019[2014-15]Status: DisposedITAT Mumbai05 Nov 2020AY 2014-15

Bench: Shri Rajesh Kumar (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2014-15 M/S Arihant Traders, The Asstt. Commissioner Of F-149, Apmc Onion Potato Income Tax – 28 (1), Market, Turbhe, Vashi, Room No. 306, 3Rd Floor, Navi Mumbai - 400705 Vs. Tower No. 6, Vashi Railway Pan: Aaxfa3575F Station Complex, Vashi Navi Mumbai - 400703 (Appellant) (Respondent) Assessee By : Ms. Ritika Agarwal (Ar) Revenue By : Shri Michael Jerald (Dr) Date Of Hearing: 25/09/2020 Date Of Pronouncement: 05/11/2020

For Appellant: Ms. Ritika Agarwal (AR)For Respondent: Shri Michael Jerald (DR)

Section 143Section 40A(3)

…lear from the provisions of section 40A(3) and rule 6DD that they are intended to regulate business transactions and to prevent the use of unaccounted money or reduce the chances to use black money for business transactions. ( Mudiam Oil Company v. ITO [1973] 92 ITR 519 (AP)). If the payment is made by a crossed cheque drawn on a bank or crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute, the court cannot be oblivious of the proliferation of black money whi…

M/S VIJAYETA BUILDCON PVT. LTD.,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, JAIPUR

In the result, the ground of the assessee’s appeal is allowed

ITA 980/JPR/2018[2007-08]Status: DisposedITAT Jaipur27 Oct 2020AY 2007-08

For Appellant: Sh. S. R. Sharma (CA) &For Respondent: Sh. B. K. Gupta (CIT)

Section 153ASection 253(5)Section 40A(3)

…lear from the provisions of section 40A(3) and rule 6DD that they are intended to regulate the business transactions and to prevent the use of unaccounted money or reduce the chances to use black-money for business transactions. – Mudiam Oil Co. v. ITO [1973] 92 ITR 519 (AP). If the payment is made by a crossed cheque on a bank or a crossed bank draft, then it will be easier to ascertain, when deduction is claimed, whether the 29 M/s Vijayeta Buildcon Pvt. Ltd. Vs. ACIT payment was genuine and whether it was out of the income from disclosed sources. In interpreting a taxing statute the Court cannot be oblivious…

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