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46. We shall now deal with the contention of the Ld. AR that to the extent, the respective payments made by the assessee towards purchase consideration were below the threshold limit of Rs.20,000/- but the aggregate of the said payments made in tranches to the same party on a single day exceeded the said prescribed limit, the assessee could not be held to have violated the provisions of Section 40A(3) of the Act.

47. Before proceeding any further, it would be relevant to point out that as per Section 40A(3) of the Act that was applicable during the year under consideration, as culled out by us hereinabove, i.e. prior to its amendment vide the Finance Act, 2008 w.e.f. 01.04.2009, the assessee remained under a statutory obligation not to make any payment in respect of expenditure of any sum exceeding Rs.20,000/- otherwise than vide the prescribed modes. After amendment to Section 40A(3) of Trilok Singh Dhillon Vs. DCIT-1(1), Bhilai the Act vide the Finance Act, 2008 w.e.f. 01.04.2009, the scope of the restriction of the assessee was broadened and he was restrained from making payment in excess of the threshold limit of Rs.20,000/- or in aggregate to a person in a day, otherwise than by the prescribed mode. Accordingly, during the year under consideration, which was regulated as per the mandate of the pre-amended Section 40A(3) of the Act, there was no bar on the assessee in making respective payments to a single party on multiple occasions in a day below the prescribed limit, though the aggregate of the said payments so made on the same day exceeded the prescribed amount of Rs.20,000/-.