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
Deduction under section 80D Income Tax Thursday at 8:10 PM
Section 40(b) Income Tax Jun 15, 2017
Deduction from tax paid under section 194J Income Tax Jun 15, 2017
Clarification in Section 80 DD exemption Income Tax Jun 7, 2017
Section 44 AD Income Tax May 30, 2017