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Cash payment cannot be disallowed if not claimed as business expense or capitalized
Case Law Details
- Case Name
- Kalyan Constructions Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Hyderabad
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Kalyan Constructions Vs ITO (ITAT Hyderabad)
Where assessee had not claimed cash payment of Rs. 1.50 crores for purchase of land as business expenditure or treated as stock or capitalized the same in order to claim depreciation in the future, disallowance under section 40A(3) could not be made.
FULL TEXT OF THE ITAT JUDGMENT
This appeal filed by the assessee is directed against the order dated 05/10/2016 of CIT(A) – 4, Hyderabad for AY 2009-1 0.
2. The assessee is a partnership firm engaged in the real estate business. The assessee filed its return of income for the AY 2013-...
