Failure to Provide Details of Payee: ITAT Restricts Disallowance of Expenses to 30% u/s 40(a)(ia) [Read Order]

Failure to Provide Details - Payee - ITAT Restricts Disallowance - Expenses - ITAT -TAXSCAN

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has restricted the disallowance of expenses to 30% under Section 40(a)(ia) of the Income Tax Act 1961 as the assessee failed to provide details of the payee. The assessee Niteshkumar Maganbhai Patel, an individual claimed to be engaged in the business of civil construction.  The AO…

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