Income Tax : Learn if cash payments over ₹10,000 for electricity bills are allowed under Section 40A(3) of Income Tax Act. Understand exempti...
Income Tax : Section 40A(3) restricts cash payments exceeding ₹10,000 in business transactions. Exceptions apply for specific cases like tran...
Income Tax : Explore the rules and regulations governing cash transactions in real estate deals to ensure tax compliance. Learn about permissib...
CA, CS, CMA : जानें जीएसटी और आयकर एक्ट में नकद संव्यवहार के नि�...
Income Tax : Dive into critical tax regulations and provisions, from related party payments to cash disallowance, and learn how they impact you...
Income Tax : It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/...
Income Tax : ITAT Jaipur held that disallowance of contribution of EPF/ESI of employees contribution justified since amount deposited beyond th...
Income Tax : ITAT Ahmedabad held that the entire proceedings under Section 263 of the Act were initiated and completed by the PCIT within a per...
Income Tax : The assessee is a contractor who is involved in the construction of roads, bridges, runways and tunnels etc. The assessee is also ...
Income Tax : As per the AO, the impugned payment in cash exceeding the specified limit was not allowable as deduction and accordingly the AO di...
Income Tax : ITAT Indore partly upheld disallowance of cash payments under Section 40A(3, affirming Rs. 1.14 crore in disallowed transactions f...
ITAT Jaipur held that disallowance of contribution of EPF/ESI of employees contribution justified since amount deposited beyond the due date of respective Acts. Notably, deduction is not allowance even if contribution is deposited before filing of return u/s. 139(1).
ITAT Ahmedabad held that the entire proceedings under Section 263 of the Act were initiated and completed by the PCIT within a period of only 12 days without pointing out reason for lack of enquiry unjustified. Accordingly, matter restored back.
The assessee is a contractor who is involved in the construction of roads, bridges, runways and tunnels etc. The assessee is also engaged in the business of operating petrol bunks, cinema theatres and manufacture of blue metals and ready-mix concrete.
As per the AO, the impugned payment in cash exceeding the specified limit was not allowable as deduction and accordingly the AO disallowed the same under the provisions of section 40A(3) of the Act and added to the total income of the assessee.
ITAT Indore partly upheld disallowance of cash payments under Section 40A(3, affirming Rs. 1.14 crore in disallowed transactions for the year 2014-15.
Learn if cash payments over ₹10,000 for electricity bills are allowed under Section 40A(3) of Income Tax Act. Understand exemptions and related case laws.
Penalty under section 270 A was not leviable as the nature of addition/disallowance were not in the nature of misreporting or misreporting income of assessee and assessee had paid the demand within 30 days and filed the required form no. 68 and that form was procedural in nature.
Tribunal upheld 20% addition instead of 25% on alleged bogus purchases due to unverified sellers agreeing that assessee failed to prove the genuineness of the transactions, and confirmed penalty proceedings.
Section 40A(3) restricts cash payments exceeding ₹10,000 in business transactions. Exceptions apply for specific cases like transporters, government payments, etc.
ITAT Delhi held that order under section 263 of the Income Tax Act passed on the issues for which no show cause notice has been issued is unjustifiable and hence liable to be quashed.
