Assessee can’t claim Deduction for Cash Purchase of land When Amount exceeds permissible limit of ₹10000 u/s 40A(3) of Income Tax Act: ITAT [Read Order]

Assessee - claim- Deduction - Cash- Purchase - land - Amount - Income- Tax- Act-ITAT-TAXSCAN

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee cannot claim a deduction for the cash purchase of land when the amount exceeds the permissible limit of Rs. 10000/- under Section 40A(3) of the Income Tax Act, 1961. The assessee is an individual, who filed its original return of income…

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