Scrap sale of plastic materials.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 July 2013
Can the seller of scrap materials received cash beyond Rs. 50000/-
Mihir Doshi
(Expert)
23 July 2013
provisions of section 40A(3) are not attracted in cash sales transactions as the provision is limited to allowability of "EXPENDITURE".
As far disallowance in the hands of buyer is concerned that depends upon the nature of expense in his hands and has no relevance to the seller.
For capital expeses in cash, as the same is not claimed as expediture, no disallowance u/s 40A(3) is called for. Please refer to circular no 34 dated 5-3-1970.
As far disallowance in the hands of buyer is concerned that depends upon the nature of expense in his hands and has no relevance to the seller.
For capital expeses in cash, as the same is not claimed as expediture, no disallowance u/s 40A(3) is called for. Please refer to circular no 34 dated 5-3-1970.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
