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purchase of land

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28 March 2011 can we purchase land in cash if there is huge cash balance in our company and if the vendor doesn't agree to receive the amount in cheque or RTGS and the company had paid the huge amount almost Rs. 40,00,000 in cash, than what are the sections in which we have to pay penalties.
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CA. Lohith Jagadeesh

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CA. Lohith Jagadeesh (Expert)
30 March 2011 Hi,

You can go head, Sec 40 A(3) will not be applicable. it would be sufficent if the there is valid explantion for the source of the funds.

Thank you,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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