Late CA Sampat Jain's Expert Profile

Queries Replied : 722

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  • Manindar Kakarla says : Sec 40A(3)
    Dear Sir, We have come acroos your explanation on the issue regarding applicability of Sec40A(3) in case of purchase of Depreciable capital asset otherwise than by way of account payee cheque/DD.One of our clients incurred Rs50 lakhs capital expenditure in cash and arguing that this sec won't be applicable for capital assets. Can you provide any case law or circular regd this.Kindly reply at the earliest

  • Somebody says : Tax Audit
    Your reply on Tax Audit of Agricultural Business was Great. Please advise on my queries on Shares Trading (Delivery based) - Tax Audit u/s 44AB

  • SONUJRT says : Tax AUdit u/s 44AB and Agricultural Income
    After long research i hv come to the conclusion that Tax Audit u/s 44AB will not applicable in such a case. Plz refer to the below case law: In CIT v. India Magnum Fund (2002) 81 ITD 295 (Mum.), it was held that if income is exempt under sections 10 to 13A, then audit under section 44AB is not required. Therefore, tax audit is not required even if agricultural income exceeds Rs.40 lakh, since the same is exempt under section 10(1).

  • meghna says : pcc
    plzz tell me how to study fr pcc??

  • RAMPRASATH R says : capital gain
    if firm is revlued the assets and gets converted into pvt co whether capital gain arises for firm


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