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DISALLOWANCE UNDER SECTION 43(b)(h) OF INCOME TAX ACT

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(Querist)
05 February 2024 If an individual trader purchases scrap from manufacturer registered under MSME act then if payment not made within specified time limit, will provision disallowance applicable for such trader under 43(b)(h)?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 February 2024 Yes, it's applicable..
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suresh s. tejwani

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suresh s. tejwani (Querist)
05 February 2024 What if in vice versa cases if manufacturer purchases scrap from trader registered under MSME act?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 February 2024 It's not applicable for traders.

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