WebAmendment of 1975 Law. 1. The Income Tax (Guernsey) Law, 1975 is further amended as follows. 2. For section 4 substitute -. " Definition of "resident" in the case of a company. 4. (1) Subject to subsection (2), a company shall be treated as resident in Guernsey in a year of charge if -. (a) it is controlled in Guernsey in that year of charge, or. Web2 Feb 2024 · The existing provision of sub-section (3) of Section 40A of the Act, provides that any expenditure in respect of which payment or aggregate of payments made to a …
Understanding Section 40A(3) of the Income Tax Act: Implications …
Web13 Jun 2024 · The cash payments were genuine and the provisions of section 40A (3) are not attracted to the genuine cash payments which were identified and acknowledged by the payee. Further, the said cash payments were made keeping in view the business exigency to finalize the deal and to avoid the competitors from snatching the deal. ITAT Held Web10 Mar 2016 · 10. In the circumstances, the order of the Tribunal in this regard is set aside. The payments cannot be disallowed under Section 40A(3) of the Act.” In the present case, the genuineness of payment has not been doubted as Assessing Officer himself has held that sale deeds of properties were registered with the Revenue Department of Govt. inheritor\\u0027s xl
Section 40A(3) & Section 40A(3A) of Income Tax Act, …
Web23 Mar 2024 · purposes of s.40A of the Act. The decision was a decision under s.35D giving a direction for suspension, within the meaning of s.40A(1)(a)(i). Consideration . 3. The Panel considered the record of the MPT’s determination and the legal advice in detail. 4. The Panel noted that this was an unusual case. It was not reviewed at the first stage of the Web9 Mar 2024 · The income tax department in its endeavor to plug in tax evasion mechanisms has introduced section 40 (A) (3). This section provides that any expenditure incurred by … Web1. INCOME TAX: Section 40A(2)(b) does not envisage complete disallowance of expenditure unless it is proved to be excessive or unreasonable having regard to fair market value. Where no such ... inheritor\u0027s xj