Income Tax : Section 40A of the Income-tax Act restricts the deduction of specified business expenses where statutory conditions are not fulfil...
Income Tax : The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, ...
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...
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 : The Hyderabad ITAT held that incomplete data retrieved from an inoperative computer could not prevail over audited books of accoun...
Income Tax : The Tribunal deleted the disallowance after finding no evidence that cash rent payments exceeded ₹10,000 on any single day. The ...
Income Tax : Additions made by attributing the commission income earned by PSPL as undisclosed income of the Assessees were held unsustainable ...
Income Tax : The ITAT Kolkata held that cash payments made through agents for procuring paddy from farmers were covered by Rule 6DD exceptions....
Income Tax : The Bangalore ITAT held that a Section 40A(3) disallowance cannot be made on the assumption that cash payments might have exceeded...
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.
Detailed analysis of Ramanlal Jivrajbhai Patel vs ITO case from ITAT Ahmedabad. Learn about judgments on business expenditure under Income Tax Act, 1961.
In PCIT Vs Mahabir Jute Mills Lts., the Allahabad High Court ruled that if books of accounts are not objected to, the AO cannot disturb gross profit rates. Detailed analysis here.
Explore the rules and regulations governing cash transactions in real estate deals to ensure tax compliance. Learn about permissible payment methods and the implications of cash transactions under the Income-tax Act.
जानें जीएसटी और आयकर एक्ट में नकद संव्यवहार के नियम और प्रावधान। कितनी धनराशि के लिए टैक्स इनवॉइस जारी किया जा सकता है? पढ़ें और समझें।
Calcutta High Court ruling states payments by supervisors to individual labourers, each not exceeding Rs. 20,000, cannot be disallowed under Section 40A(3) of the Income Tax Act.
Analysis of Bharat Jaroli vs PCIT case by ITAT Indore, highlighting AO’s failure to scrutinize cash payments under Sec 40A. Detailed review and outcome provided.
Read the full text of the ITAT Chandigarh’s decision in the case of Manuj Jain HUF Vs PCIT. The assessment order was upheld, rejecting the Section 263 revision regarding demonetization cash deposits.
