My Query is as follows :
Mr.X is a common director in the board of XYZ Ltd & ABC LTD.
Mr.X is having shareholding of more then 20% in XYZ LTD however in ABC Ltd he is not holding any single share.
Now XYZ Ltd buys some goods from ABC Ltd during the year.
For the purpose of Tax Audit whether this transaction under section 40 (A) (2) (B) should be reported.
Yes it is covered under 40A (2) (b) ( v)
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