CASH PURCHASE OF PROPERTY AS GOODS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 September 2010
A PVT.LTD.COMPANY DEALING IN PROPERTY HAS PURCHASED 1 PLOT FOR RESALE & ON REQUEST OF SELLER PAID RS.1 LAC CASH AGAINST REGISTRY.
WHETHER THE ABOVE CASH PAYMENT IS ALLOWABLE ?
IF YES, THAN HOW IT WILL BE SHOWN IN TAX AUDIT REPORT ?
WHETHER THE ABOVE CASH PAYMENT IS ALLOWABLE ?
IF YES, THAN HOW IT WILL BE SHOWN IN TAX AUDIT REPORT ?
CMA Ramesh Krishnan
(Expert)
11 September 2010
Cash payment more than Rs. 20000/ will attract sec.40A(3)
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