Applicability of provisions of Section 40A(3) in respect of ...

Income Tax

August 10, 2021

Applicability of provisions of Section 40A(3) in respect of unaccounted business expenses incurred in cash - Admittedly, the seized document contains unaccounted income as well as unaccounted expenditure both were duly transacted only in cash. Hence, the applicability of provisions of Section 40A(3) of the Act to the said payments would not serve the scheme of taxation and would ultimately result only ending up in taxing the entire unaccounted gross receipts alone without giving benefit of deduction to the assessee. - AT

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Applicability of provisions of Section 40A(3) in respect of ...

Income Tax

August 10, 2021

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