Income tax 40a(3) clarification
This query is : Resolved
28 January 2014
provision of section 40A(3)of income tax act apply if the amount is given in cash exceeds 20000 for advances against expenses ???
28 January 2014
If the advances were ultimately treated for discharging the liability to pay the price of the goods purchased or services rendered then 40A(3) attracts on such advances.
Citation:- Kejriwal Iron Stores Vs. CIT [1988] 169 ITR 12 (Raj).
Citation:- Kejriwal Iron Stores Vs. CIT [1988] 169 ITR 12 (Raj).
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