Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights This

Disallowance of remuneration paid by the assessee to its ...

Income Tax

Disallowance of remuneration paid by the assessee to its Working Partner u/s 40A(3) - Cash payment of expenditure in excess of specified limit - Scope of separate identity for the firm and its partners - As section 40A is a general provision and section 40(b) is a special provision and only in situation which are not covered by section 40(b), section 40A shall be applicable. In the present case, assessee being a partnership firm and section 40(b) being the special provision dealing with computation of income of firm, same shall be applicable for determining the amount of deduction available to the assessee. - No additions - AT

View Source

 


 

You may also like:

  1. Payment of expenditure in cash in excess of ₹ 20,000/- - Provisions of section 40A(3) are not applicable to capital expenditure. - AT

  2. Disallowance u/s 40A(3) - 20% of the expenditure made in cash - payment made towards advance - decided in favor of assessee - AT

  3. Violation of section 40A(3) - payment in cash in excess of prescribed limit for purchasing of scrap from the Railways - No disallowance - HC

  4. Disallowance of cash payments in excess of prescribed limit u/s. 40A(3) - even though few payments is covered u/s. 40A(3) of the Act, because of peculiar nature of...

  5. Disallowance of remuneration paid to working partners - instead of specified remuneration in the partnership deed, it is linked to provisions of section 40(b)(v) income...

  6. Disallowance u/s 40A(3) - cash payment - There is no case of addition of section 40A(3) with regard to purchases that were made on account of capital items - AT

  7. Invocation of section 40A(3) - Octroi was paid to the Ahmedabad Municipal Corporation – Cash payment - payment does not come within the provisions of section 40A(3) read...

  8. Disallowance of freight expenditure u/s 40A(3) paid in Cash - As enhanced limit of ₹ 35,000/- is applicable for the payment to the transport operators and in other...

  9. Disallowance u/s 40A(3) - splitting the payments in excess of ₹ 20,000 - Genuine and bona fide transactions are not taken out of the sweep of the section -...

  10. Payment of expenditure in Cash - the cash deposited to the bank account of a recipient does not fall within the purview of Section 40A(3) - HC

 

Quick Updates:Latest Updates