Addition u/s.40A(3) - cash payments were effected by the ...

Income Tax

October 1, 2020

Addition u/s.40A(3) - cash payments were effected by the assessee for the purpose of acquiring rights to screen movies in their theatres as exceeded ₹ 20,000/- - Revenue is right in contending that the genuinity of the transaction is hardly a matter, which should weigh in the minds of the Assessing officer while examining as to the whether the assessees had violated Section 40A(3) - Additions confirmed - HC

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Addition u/s.40A(3) - cash payments were effected by the ...

Income Tax

October 1, 2020

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Prima facie, the project theatre was let out for screening of films, which would be included in the definition of ‘Renting of Immovable Property’ - AT

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