Respected Experts ,
Silver coins purchased to give a gift in a lottery ?
This expenditure is merely for the purpose of business development.
My query is such a expenditure is disallowed under section 40A(3). ?
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Disallowance u/s 43a(3) , urgent
Replies (2)
Sec 40A(3) belongs to payments exceeding Rs. 20000/- is not paid by an account payee cheque or draft is disallowed. In your situation it is gift (i.e) for business Promotion. I think please correct your query in heading you mention 43a(3) but inside you put 40A(3).
Expenditure incurred and payment made in cash will attract 40A(3)
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