https://www.taxtmi.com/forum/issue?id=111564 A taxpayer made a substantial cash payment for real estate. If that payment is asserted as a business expenditure, the expenditure may be disallowed because statutory rules discourage business payments in cash beyond prescribed limits. Withdrawing legitimately obtained funds is treated as separate and is not identified as a penal offence in the advisory; the taxpayer may retain and spend the cash over time. The principal tax risk on inquiry is adjustment by disallowance of the claimed expenditure rather than punishment for withdrawing white cash. en-us Tue, 28 Feb 2017 21:07:08 +0530 Thu, 23 Jan 2025 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=111564 A taxpayer made a substantial cash payment for real estate. If that payment is asserted as a business expenditure, the expenditure may be disallowed because statutory rules discourage business payments in cash beyond prescribed limits. Withdrawing legitimately obtained funds is treated as separate and is not identified as a penal offence in the advisory; the taxpayer may retain and spend the cash over time. The principal tax risk on inquiry is adjustment by disallowance of the claimed expenditure rather than punishment for withdrawing white cash. Discussion-Forum Companies Law Tue, 28 Feb 2017 21:07:08 +0530 https://www.taxtmi.com/forum/issue?id=111564