Revision u/s 263 - bogus liability towards purchases - payment ...

Income Tax

March 19, 2022

Revision u/s 263 - bogus liability towards purchases - payment in expenditure cash during the next year - The implications, if any, in respect of discharge of liability in cash in the subsequent financial year 2016-17, a liability which has been incurred in current financial year will arise u/s. 40A(3A) and not under section 40A(3), and the AO will be at liberty to examine the same as per law for the assessment year 2017-18 and not for the impugned assessment year 2016-17. - AT

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Revision u/s 263 - bogus liability towards purchases - payment ...

Income Tax

March 19, 2022

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