Wednesday 15 January 2014

Revenue couldn’t presume cash payments for sec. 40A(3) disallowance if sums were paid by someone els

IT: Where assessee purchased land in an auction and payment on its behalf was made by 'Z' through pay orders and drafts prepared from bank account of 'Z', impugned disallowance made by Assessing Officer under section 40A(3) in respect of said payment was to be set aside


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