assessee sold goods to his wife on market value. he is covered under audit u/s 44ab. disclosure u/s 40A(2b) is complied. whether disclosures is required at other place by way of notes or anything else.
please provide solution
thank you
Section 40A coveres Expenses or Payments cannot be deductible is certain circumstances.
In the given case if the assesses sells goods to his wife then there is no question of payment arises. Sale proceeds will be recipts for the assesse.
I think no disclosure is required here.
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