23 April 2010
DEAR EXPERTS PLEASE SOLVE MY QUERY. MY QUERY IS:
ASSESSEE IS A PROPRIETOR OF POULTRY FARM. HE IS CARRYING POULTRY FARMING DURING THE COURSE HE MADE PAYMENT AGAINST PURCHASE OF FEED & CHECKS IN EXCESS OF RS. 20000 IN CASH IN A DAY OR AT A TIME. WHETHER THIS PAYMENT AGAINST PURCHASE IS DISALLOWABLE U/S 40 A(3)OF INCOME TAX ACT. 1961 OR WHETHER WILL BE CONSIDERED AS INCOME OF THE ASSESSEE.
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