Addition u/s 40a(2)b
This query is : Resolved
16 March 2018
Can addition u/s 40A(2)b made based on past relation?
For example assessee had in related party in AY 09-10 and now subsequently the realtion doesnt exists. But the transactions between the party are still carried on.Can the AO invoke the section based on past relation in the transaction carried on right now?
Case Laws are welcomed
Thank You
For example assessee had in related party in AY 09-10 and now subsequently the realtion doesnt exists. But the transactions between the party are still carried on.Can the AO invoke the section based on past relation in the transaction carried on right now?
Case Laws are welcomed
Thank You
Nikhil Kaushik
(Expert)
17 March 2018
if the relationship doesn't exist in the relevant previous year, then 40A(2)(b) won't apply
Nikhil Kaushik
(Expert)
17 March 2018
why to go for judgment when the section itself is self-explanatory.
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