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 : 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...
Income Tax : ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capita...
Income Tax : ITAT Chennai held that provisions of section 69A of the Income Tax Act could not be invoked when cash is sourced out of recorded s...
Income Tax : 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 cou...
Income Tax : ITAT Chennai held that when the cash is sourced out of recorded sales, the provisions of section 69A of the Income Tax Act could n...
Explore the case of Zheng Yuan Mobiles Pvt. Ltd. vs DCIT at ITAT Delhi. Learn why improper vouchers led to disallowance and how it was overturned.
ITAT Rajkot rules in favor of Conor Granito P. Ltd., setting a justifiable net profit rate on unaccounted sales based on business nature, dismissing Revenue’s appeal for a higher rate.
Discrepancies in KYC docs don’t constitute incriminating material. ITAT cancels income tax addition for Renukamata Multi-State Co-op Society Ltd. vs ACIT.
Explore the Kerala High Court judgment in P.V. Thomas Vs ITO, upholding Income Tax Act Section 40 (3) addition. Detailed analysis and implications for assessment year 2015-2016.
Explore the JCIT vs S.V. Balasubramani HUF case at ITAT Chennai. Learn why bonus payment disallowance under section 40A(3) of the Income Tax Act was challenged and the outcome of the appeal.
ITAT Ahmedabad held that in case of bogus purchases, if the sale is not in doubt, then only the profit element embedded in such purchases should be subject to tax in the hands the assessee. Accordingly, CIT(A) restricting disallowance to 25% of the addition justified.
Dive into critical tax regulations and provisions, from related party payments to cash disallowance, and learn how they impact your deductions. Uncover the complexities of tax compliance.
Discover why Section 40A(3) limits cash payments and promotes a cashless economy, including reduction of black money generation. Prohibited transaction in cash/limit on cash transactions.
Learn about Section 40A(3) of the Income Tax Act, which disallows deductions for cash expenditures exceeding Rs. 10,000. Explore rules, exceptions, and changes.
ITAT Delhi held that the payment of assessee made in cash in violation of section 40A(3) of the Act is not eligible for benefit of exceptions envisages under Rules 6DD(f) in absence of any evidence supporting identity and genuineness of the supplier.
