INCOME-TAX : Where assessee, engaged in real estate business, purchased agricultural land and made cash payment towards purchase of land and assessee produced evidence by way of confirmation letters from 5 out of 8 sellers who were agriculturists to show that they insisted on cash payments as they do not have bank accounts , payments made to 5 agriculturists do not call for any disallowance under section 40A(3).INCOME-TAX : Where assessee, engaged in real estate business, purchased agricultural land and made cash payment towards purchase of land and assessee produced evidence by way of confirmation letters from 5 out of 8 sellers who were agriculturists to show that they insisted on cash payments as they do not have bank accounts , payments made to 5 agriculturists do not call for any disallowance under section 40A(3).www.taxmann.com Latest Case LawsRead More
