30 September 2011
You will not face any problem until you are not in radar of department but once you are caught, you will be asked the source of the same cash.:)
30 September 2011
Flat is a capital expenditure. 40A(3) is applicable to revenue expenditure.
Since the purchase is in cash there must be evidence for genuineness of expenditure and identity of seller as well as you must have sufficient source (i.e cash in hand) for payment of purchase cost.
CAclubindia
