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Section 40a(3) of the income tax act.

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 April 2012 Dear friends
I have a query related to section 40A(3) of The Income Tax Act.
A person working as a property dealer, when he purchases the land then some payment made in cash which may be in lakhs. As per section amount paid in cash is disallow.
Now I want to know that whether this type of Assessee have some relaxation or not???
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
03 April 2012 Amount paid in cash for purchase of land is not disallowed (assuming land is capital asset and not stock in trade) since it is not a depreciable asset and it is not claimed as expenditure u/s 30 to 37.
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