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 May 2017 Year 2017 This

Disallowance u/s 40A(3) - cash payment for purchase of land - ...


Assessing Officer Ordered to Delete Additions for Cash Payments on Land Purchase u/s 40A(3.

May 9, 2017

Case Laws     Income Tax     AT

Disallowance u/s 40A(3) - cash payment for purchase of land - assessee has filed necessary evidences to prove that the impugned land has been acquired as an investment and subsequently converted into stock in trade of his business - AO directed to delete additions made towards cash payments u/s 40A(3) - AT

View Source

 


 

You may also like:

  1. Disallowance u/s 40A(3) - cash payment made by the assessee for purchase of land - issue of disallowance of expenses does not arise as the amount paid for purchase of...

  2. Disallowance of cash payments u/s 40A(3) - making additions by invoking the provisions of section 40A(3) of the Act amounts to double additions which is not permissible...

  3. Disallowance u/s 40A(3) - part payment in cash in excess of the limit prescribed u/s 40A(3) for purchase of land - since it forms part of stock and trade the provisions...

  4. Disallowance u/s.40A(3) - expenses towards air ticket and hotel expenses in cash in excess of prescribed limit u/s.40A(3) - there is merit in arguments of the assessee...

  5. Addition u/s 40A(3) - cash purchases of petrol - Assessee was in the habit of purchasing petrol regularly - Assessee has not produced any documentary evidences to...

  6. Addition u/s 40A(3) - cash payments were made to truck drivers after banking hours - even this amount should not have been disallowed u/s 40A(3) read with Rule 6DD of...

  7. 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

  8. Revision u/s 263 - Cash payments towards purchase of capital goods - Violation of the provisions of section 40A(3) - PCIT himself could have examined the impugned...

  9. Addition u/s 40A(3) - cash payment in excess of prescribed limit - Genuineness or otherwise of payment is not a criteria to exclude cash payment in excess of prescribed...

  10. Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

  11. 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...

  12. Disallowance u/s 40A(3) - cash payment made for purchase of land to farmers situated in rural area exceeding the prescribed threshold - the transaction and it being free...

  13. Addition u/s 40A(3) - cash payments in excess of the limit prescribed - each payment, on each day to each person was less than ₹ 20,000/- in cash - There were both...

  14. 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...

  15. The assessee purchased agricultural land whose stamp duty valuation was lower than the actual purchase consideration. The authorities sought to invoke section 56(2)(x)...

 

Quick Updates:Latest Updates