Section 40A(3) IT Act

ACMA Ayan Paul (Analyst-Corporate Rating at CARE Ratings)   (284 Points)

20 May 2010  

Hello guys , I am stuck with a question...

if i advance some money exceeding Rs.20,000 for Purchase of goods and suppose if i get the delivery on the very next day, does it fall under section 40A(3) and will it be disallowed? 

Pls Clarify.

Thanks in advance.