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Cash paymnets

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(Querist)
11 October 2013 IF A CIVIL CONTRACTOR HAS PURCHASED LAND FOR STOCK IN TRADE IN CASH THEN WHAT WILL BE THE CONSEQUENCES AS PER INCOME TAX ACT.PLS GUIDE
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
11 October 2013 Nothing but if the souces is found by AO as illegal then sec 68,69,69A,69B etc can be invoked as applicable to it.
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neeloy dangra

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neeloy dangra (Querist)
11 October 2013 CAN DISALLOWANCE UNDER SECTION OF CASH PAYMENT ABOVE RS 20000/- INVOKED?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
11 October 2013 The payment will be disallowed u/s 40A(3) since it is an EXPENSE (to be taken to P&L A/c).
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