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 : Discover why Section 40A(3) limits cash payments and promotes a cashless economy, including reduction of black money generation. P...
Income Tax : Learn about Section 40A(3) of the Income Tax Act, which disallows deductions for cash expenditures exceeding Rs. 10,000. Explore r...
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 : Detailed analysis of Ramanlal Jivrajbhai Patel vs ITO case from ITAT Ahmedabad. Learn about judgments on business expenditure unde...
Income Tax : In PCIT Vs Mahabir Jute Mills Lts., the Allahabad High Court ruled that if books of accounts are not objected to, the AO cannot di...
Income Tax : Calcutta High Court ruling states payments by supervisors to individual labourers, each not exceeding Rs. 20,000, cannot be disall...
Income Tax : Analysis of Bharat Jaroli vs PCIT case by ITAT Indore, highlighting AO's failure to scrutinize cash payments under Sec 40A. Detail...
Income Tax : Read the full text of the ITAT Chandigarh's decision in the case of Manuj Jain HUF Vs PCIT. The assessment order was upheld, rejec...
Shivaji Bhimaji Gaikwad Vs ITO (ITAT Pune) No section 40A(3) disallowance for Cash payment for land as part of sale consideration which is incorporated in purchase deed Brief facts relating to the issue on hand are that the assessee is an individual and derives income from land deals and construction. The assessee filed return of […]
Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.
Bappanalli Brothers Vs ACIT (ITAT Banglore) CIT(A) concluded that the payments were not made directly to the cultivator and therefore the Assessee has not proved existence of circumstances set out in Rule 6DD(e) of the rules. ITAT held that The reasons given by the CIT(A) for treating the payment in question not to the Agriculturists […]
According to section 40A(3) of the Income Tax Act, if payment for any expenditure exceeding Rs.10,000 is made in cash in a day, then the expenditure will be disallowed under the Income Tax Act.
Geo Connect Ltd Vs DCIT (ITAT Delhi) The factual matrix reveal that the assessee is in real estate business and for that purpose it purchased an agricultural land from one Sh. Ugma, an old man of 75 years. Towards sale consideration of the said land, the assessee issued bearer cheques for an amount of Rs. […]
Ashwin Barai Vs ITO (ITAT Chennai) We find that there is no dispute with regard to applicability of section 40A(3) of the Act, when cash payments made for any expenses in excess of prescribed limit, however, in each and every case provisions of section 40A(3) cannot be applied, because, real nature of transactions need to […]
Understand the Income Tax provisions in India regarding cash transactions, including penalties and restrictions on accepting loans or deposits in cash.
Ahmed World Travels Tours & Cargo Pvt. Ltd Vs ACIT (OSD) (ITAT Chennai) As regards cash payments made for hotel expenses, although, the Assessing Officer stated that the assessee has incurred expenses in cash, but it was the argument of the assessee that it has purchased foreign currency (Saudi Riyal) to be given to its […]
Unravel the complexities of Cash Payments under sections 40A(3) and 43(1) of the Income Tax Act, 1961. Dive into the implications of exceeding Rs.10,000 cash payments for revenue expenditures and acquisition of fixed assets. Understand the nuances of disallowance and actual cost determination. Explore real-life examples to grasp the intricate interpretations.
ITAT Patna held that in absence of any evidence of tax evasion by showing fictitious or false transactions, addition by invoking provisions of section 40A(3) of the Income Tax Act unsustainable.
