Forget password
New User/ Regiser
Register for Demo / Trial
Annual Subscription Offer
With popular demand, we introduce:-
Special offer on GST Package for Professionals
i.e. CA/CWA/CS/Advocate/Others @ 2500/- +GST
1991 (8) TMI 5 - SUPREME COURT - Income Tax
Head Note / Extract:
Payments in cash exceeding a sum of ₹ 2,500 for some of the purchases of stock-in-trade. - the payments are not allowed as deductions in the computation of income under the head "Profits and gains of business". The payments are held to be in contravention of the terms of section 40A (3) - validity of section 40A(3) - applicability of Section 40A(3) to payments made for acquiring stock-in-trade