High Court of Karnataka Allows Appeal in Income Tax Case on Applicability of Section 40A(3) — Cash Payment for Property Purchase Not Disallowable as Business Expenditure. Section 40A(3) of Income Tax Act, 1961 applies only to revenue expenditure, not capital expenditure, and thus cash payment for purchase of property cannot be disallowed.
26 Jun 2015The appellant, Smt. Saira Banu, filed an appeal under Section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribuna...
