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Income Tax - Highlights / Catch Notes

Home Highlights October 2023 Year 2023 This

Disallowance of salary u/s 40A(2)(b) - Payment of salary and ...

Income Tax

October 17, 2023

Disallowance of salary u/s 40A(2)(b) - Payment of salary and interest to specified (related) persons - The provision u/s 40A(2)(a) clearly shows that before recording disallowance, AO has to form an opinion; and that opinion has to be having regard to inter alia legitimate needs of the business or benefit derived or even what would be the fair payment outgo for services rendered. Such an opinion cannot be arrived at without adducing necessary evidence - HC

 

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