SECTION 40 A(3)
This query is : Resolved
23 April 2010
DEAR EXPERTS PLEASE SOLVE MY QUERY. MY QUERY IS:
ASSESSEE IS A PROPRIETOR OF POULTRY FARM. HE IS CARRYING POULTRY FARMING DURING THE COURSE HE MADE PAYMENT AGAINST PURCHASE OF FEED & CHECKS IN EXCESS OF RS. 20000 IN CASH IN A DAY OR AT A TIME. WHETHER THIS PAYMENT AGAINST PURCHASE IS DISALLOWABLE U/S 40 A(3)OF INCOME TAX ACT. 1961 OR WHETHER WILL BE CONSIDERED AS INCOME OF THE ASSESSEE.
ASSESSEE IS A PROPRIETOR OF POULTRY FARM. HE IS CARRYING POULTRY FARMING DURING THE COURSE HE MADE PAYMENT AGAINST PURCHASE OF FEED & CHECKS IN EXCESS OF RS. 20000 IN CASH IN A DAY OR AT A TIME. WHETHER THIS PAYMENT AGAINST PURCHASE IS DISALLOWABLE U/S 40 A(3)OF INCOME TAX ACT. 1961 OR WHETHER WILL BE CONSIDERED AS INCOME OF THE ASSESSEE.
CA Sanat Pyne
(Expert)
23 April 2010
NO IT WILL NOT BE DISALLOWED
24 April 2010
AGREE
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