Sec.40a(3)
This query is : Resolved
27 February 2013
When an advance payment is made in excess of Rs.20,000, then does sec.40a(3) will be applicable?
27 February 2013
Yes, if it claimed as expenditure during the P.Y.
27 February 2013
If the advance is ultimately used to discharge the liability to pay the price of goods purchased, then 40A(3) attracts on the advance amount.
Rajasthan High Court decision reported in 169 ITR 12,Kejriwal Iron Stores case,supports the above view.
Rajasthan High Court decision reported in 169 ITR 12,Kejriwal Iron Stores case,supports the above view.
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