Section 40A(2)b

Share This Thread
  1. Thenu

    Thenu New Member

    An individual purchases goods from a partnership firm in which his family members are partners. Amount paid for the same is in excess of market price. Whether this attracts disallowance under this section?
  2. Parul_Gupta

    Parul_Gupta Active Member

    Yes, as the relatives of the buyer have substancial interest in the partnership firm, it will attract disallowance under Section 40A(2)
  3. Thenu

    Thenu New Member

    Thank you.
Draft saved Draft deleted
Similar Threads Forum Date
Does Google Adsense income falls under section 44AD ? Income Tax Jun 21, 2018
Equity income when filing under Section 44ADA Income Tax May 8, 2018
Section 44 ADA for a salaried Doctor Income Tax Mar 28, 2018
Applicability of Section 80D Income Tax Mar 27, 2018
Professional under Section 44ADA Income Tax Mar 16, 2018