73.   Certain transactions not admissible :

Notwithstanding anything contained in this Act or any other law for the time being in force, any transaction in respect of which payment is made on or after the first day of January, 2000, for a sum exceeding fifty thousand rupees otherwise than by a crossed cheque drawn on a bank or by a crossed bank draft or pay order shall not be admissible for the purposes of input tax credit, adjustment or deduction, or refund, repayment or drawback or zero-rating etc. of tax under this Act.