Addition u/s 40A(3) being 20% of the amount paid - assessee was ...
Income Tax
May 20, 2020
Addition u/s 40A(3) being 20% of the amount paid - assessee was acquiring the land from the various farmers by paying cash to them and debiting it to the capital work in progress account. This sum was not claimed as an “expenditure‟ in the profit and loss account. - The whole transaction of purchase of land as well as transfer to the sister concern was not routed through profit and loss account but were shown in the balance sheet. - No additions.
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