Cash Purchase of Land would not violate S. 40A(3) in the Absence of Claim for Business Expenditure: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the Revenue cannot disallow the payment of cash for land purchase by assessee by invoking Section 40A(3) of the Income Tax Act, 1961 as the same was not claimed as business expenditure or treated as stock or capitalized the same […]

The post Cash Purchase of Land would not violate S. 40A(3) in the Absence of Claim for Business Expenditure: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

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