https://www.taxtmi.com/caselaws?id=335910 The Appellate Tribunal (ITAT) ruled in favor of the assessee, holding that the land purchased should be treated as fixed assets and not stock in trade. As a result, the provisions of Section 40A(3) of the Income Tax Act, 1961 were deemed inapplicable since the expenditure was not claimed in the profit and loss account. The ITAT allowed the appeal, leading to the deletion of the disallowance of Rs. 37,00,000. en-us Tue, 15 Nov 2016 00:00:00 +0530 Mon, 12 Dec 2016 18:45:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335910 The Appellate Tribunal (ITAT) ruled in favor of the assessee, holding that the land purchased should be treated as fixed assets and not stock in trade. As a result, the provisions of Section 40A(3) of the Income Tax Act, 1961 were deemed inapplicable since the expenditure was not claimed in the profit and loss account. The ITAT allowed the appeal, leading to the deletion of the disallowance of Rs. 37,00,000. Case-Laws Income Tax Tue, 15 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335910