secrutiny case
This query is : Open
05 January 2011
Frnds...my bro is carring a business in which he paid some party cash more than 20000/- but we showed less than 20000/- in different dates..and his criditors did the same...but one of the creditors showed cash received amounting to rs.150000/- in cash.and ito told u have to paid tax & penalty on 150000/-
05 January 2011
YES. AS PER SECTION 40A(3) THE SAME AMOUNT WILL BE DISALLOWED.
05 January 2011
sir i know it is disallowed under 40A(3)
what i have 2 do now....advise me....and the process through which i will negotiate from that officer
what i have 2 do now....advise me....and the process through which i will negotiate from that officer
05 January 2011
TELL ME WHEATHER PAYMENT HAS BEEN MADE FOR SINGLE BILL OVER 20000/- OR NOT.
IF ANY CONSOLIDATED PAYMENT HAS BEEN MADE FOR A NUMBER OF BILL, WHERE THE BILL AMOUNT IS 20000/- OR LESS, THEN IT WILL BE ALLOWABLE U/S 40A(3).
IF ANY CONSOLIDATED PAYMENT HAS BEEN MADE FOR A NUMBER OF BILL, WHERE THE BILL AMOUNT IS 20000/- OR LESS, THEN IT WILL BE ALLOWABLE U/S 40A(3).
05 January 2011
cash pyament was made against 3 bill above 20000/-
05 January 2011
IF THERE IS ANY BILL BELOW 20000/- THE SAME WILL BE ALLOWABLE.
05 January 2011
thanks a lot....
05 January 2011
it will depend upon the circumstances how the case was represented - whether creditor was summoned - whether request for cross examination of creditor was made by the assessee - the decision shall be based on the answer of these above situations
06 January 2011
bro...actually we are not working with that creditor now...and cross examine done by ITO....
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