https://www.taxtmi.com/highlights?id=56006 Deduction of unaccounted expenses from Unaccounted income - Applicability of provisions of Section 40A(3) - Admittedly, the seized document contains unaccounted income as well as unaccounted expenditure both were duly transacted only in cash. Hence, the applicability of provisions of Section 40A(3) of the Act to the said payments would not serve the scheme of taxation and would ultimately result only ending up in taxing the entire unaccounted gross receipts alone without giving benefit of deduction to the assessee. - AT en-us Wed, 23 Dec 2020 15:07:58 +0530 Wed, 23 Dec 2020 15:07:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56006 Deduction of unaccounted expenses from Unaccounted income - Applicability of provisions of Section 40A(3) - Admittedly, the seized document contains unaccounted income as well as unaccounted expenditure both were duly transacted only in cash. Hence, the applicability of provisions of Section 40A(3) of the Act to the said payments would not serve the scheme of taxation and would ultimately result only ending up in taxing the entire unaccounted gross receipts alone without giving benefit of deduction to the assessee. - AT Highlights Income Tax Wed, 23 Dec 2020 15:07:58 +0530 https://www.taxtmi.com/highlights?id=56006