Tax Law: No Penalty for Cash Payments to Farmers as Business Necessity, Not Tax Evasion, u/s 40A(3) Exceptions.

Tax Law: No Penalty for Cash Payments to Farmers as Business Necessity, Not Tax Evasion, u/s 40A(3) Exceptions. https://www.taxtmi.com/highlights?id=73083 Disallowance u/s 40A(3) - cash payment to the farmers/land owners exceeding permissible limits - business expediency - section 40A(3) was intended to penalize the tax evader and not honest transactions and that is why after framing Rule 6DD(j) the CBDT steps in by issuing the circular dated 31st May 1977. - No penalty - AT en-us Sat, 18 Nov 2023 13:57:38 +0530 Sat, 18 Nov 2023 13:57:38 +0530 TaxTMI RSS Generator Tax Law: No Penalty for Cash Payments to Farmers as Business Necessity, Not Tax Evasion, u/s 40A(3) Exceptions. https://www.taxtmi.com/highlights?id=73083 Disallowance u/s 40A(3) - cash payment to the farmers/land owners exceeding permissible limits - business expediency - section 40A(3) was intended to penalize the tax evader and not honest transactions and that is why after framing Rule 6DD(j) the CBDT steps in by issuing the circular dated 31st May 1977. - No penalty - AT Highlights Income Tax Sat, 18 Nov 2023 13:57:38 +0530 https://www.taxtmi.com/highlights?id=73083