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Section 40a(3)

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2014 A gold merchant covered under section 44AB dealing in purchase and sale of Gold items makes cash payment exceeding Rs. 20000 for purchase of Gold ornament. Will the same be disallowed under section 40A(3)? Thanks in advance.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 August 2014 yes it will be disallowed.........
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