Provisions of sec. 40A(3) not applicable if assessee made cash payment for purchase of stock-in-trade: ITAT

INCOME TAX : Where assessee, engaged in land dealing and development, purchased certain lands through cash payments and treated said lands as its stock-in-trade, since cash payments were not claimed as deduction under business head, no disallowance under section 40A(3) could be made by Assessing OfficerINCOME TAX : Where assessee, engaged in land dealing and development, purchased certain lands through cash payments and treated said lands as its stock-in-trade, since cash payments were not claimed as deduction under business head, no disallowance under section 40A(3) could be made by Assessing Officerwww.taxmann.com Latest Case LawsRead More

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