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 : Delhi ITAT dismisses revenue's appeal, holding cash advance for property purchase intended as investment not subject to Section 40...
Income Tax : Delhi High Court reviews PCIT vs. Param Dairy Ltd., addressing additions under Section 69C & 40A(3) for cash milk purchases....
Income Tax : Delhi High Court held that Section 260A of the Income Tax Act refrains from incorporating a specific provision permitting the fili...
Income Tax : Delhi HC confirms Section 40A(3) inapplicable to property investments, affirming ITAT's ruling in PCIT Vs Sanskar Homes Pvt. Ltd. ...
Income Tax : Assessee had given cash to her employee who was the supervisor or the agent who in turn made payment to the sellers of the gold an...
Delhi ITAT dismisses revenue’s appeal, holding cash advance for property purchase intended as investment not subject to Section 40A(3) disallowance.
Delhi High Court reviews PCIT vs. Param Dairy Ltd., addressing additions under Section 69C & 40A(3) for cash milk purchases.
Delhi High Court held that Section 260A of the Income Tax Act refrains from incorporating a specific provision permitting the filing of a cross-objection. Thus, cross objection would not be maintainable.
Delhi HC confirms Section 40A(3) inapplicable to property investments, affirming ITAT’s ruling in PCIT Vs Sanskar Homes Pvt. Ltd. Appeal dismissed.
Assessee had given cash to her employee who was the supervisor or the agent who in turn made payment to the sellers of the gold and therefore the same would not fall within the scope of section 40A(3) in view of the decision of Hon’ble Calcutta High Court in the case of S.K. Joynal Abedin v. CIT.
ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capital gains computation, the related unaccounted expenditures stand explained and cannot be taxed separately as unexplained expenses.
ITAT Chennai held that provisions of section 69A of the Income Tax Act could not be invoked when cash is sourced out of recorded sales. Accordingly, appeal allowed and addition u/s. 69A is liable to be deleted.
A search and seizure action u/s.132 of the Act was conducted in the assessee’s case on 14.11.2019. AO observed that during the course of search action, a pen drive was found from the cabin of the Head-Cashier.
ITAT Chennai held that when the cash is sourced out of recorded sales, the provisions of section 69A of the Income Tax Act could not be invoked since sales have already been offered to tax and taxing same again u/s. 69A would amount to double taxation.
ITAT Ahmedabad affirms CIT(A)’s deletion of ₹12.92 crore tax addition under Section 40A(3), relying on past gross profit rates and valid agricultural purchases.
