regarding 40a3 of IT ACT
This query is : Resolved
07 October 2008
i need help regarding whether tour advances payments will attract 40a3..... plz refer any case law relating to it also..........
PIYUSH JAIN
(Expert)
08 October 2008
Since advance is not covered by Sec. 40A(3) and since it is not allowable as an expenditure, it is the date of adjustment, which should be taken as the date of payment. Since advances have been paid in cash, it may well be claimed as not attracting disallowance under Sec. 40A(3).
CA PIYUSH JAIN
CA PIYUSH JAIN
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