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 March 2013 Year 2013 This

Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not ...

March 12, 2013

Case Laws     Income Tax     HC

Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not applicable when the net profit rate was applied by the AO and once a net profit rate is applied the expenses are deemed to be considered while applying the net profit rate. - HC

View Source

 


 

You may also like:

  1. Disallowance u/s 40A(3) - when income of the assessee was computed by applying the gross profit rate, there was no need to look into the provision of section 40A(3) - AT

  2. Additions u/s 40A(3) - Payment made in Cash - Since the AO has not doubted the genuineness of the expenses as no such disallowance has been made and the AO has made only...

  3. Disallowance u/s 40A(3) - cash payments of expenditures - poor creditability in the market - genuineness of such expenditure is not in dispute - AO directed to sustain...

  4. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

  5. Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

  6. Disallowance u/s 40A(3) - cash payment exceeding ₹ 20,000 - assessee had no bank account at Cuttack and seller was insisting for cash payments - genuineness of...

  7. 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...

  8. NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL...

  9. The ITAT Delhi held that no addition u/s 68 was warranted as there was no abnormal jump in sales, with audited results and profits undisputed. The difference in cash...

  10. The assessee, a sole proprietor running a petrol pump allotted by BPCL, deposited unexplained cash in the current bank account. The AO invoked Section 69A and made an...

  11. Disallowance u/s 40A(3) - transactions and payments made in cash - assessee filed affidavits from sub-contractors of assessee firm and they insisted for cash payments to...

  12. 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...

  13. Addition u/s 40A(3) - allegation of making huge cash payments in excess of Rs. 20,000/- As per the assessment order made u/s 144, no books of accounts were produced - in...

  14. Diallowance of expenses after estimation of profit u/s 144 - ITAT deleted the additions - It is not required for the AO to apply net profit at a particular rate while...

  15. Disallowance of expenditure u/s. 40A(3) - AO without verifying necessary cash book to ascertain the quantum of payments has simply made disallowance with a vague...

 

Quick Updates:Latest Updates