Sum paid in cash of smaller denomination in lieu of currency of higher denomination is out of ambit of sec. 40A(3)

No element of expenditure was involved when sums were paid by assessee-company to its managing director for conversion of currency in small denomination into currency of higher denomination, and, thus, provisions of section 40A(3) were not applicable.

TDS CREDIT TO BE ALLOWED WITHOUT FORM 26AS-TDS CERTIFICATE

Department is required to give credit for TDS once valid TDS certificate had been produced or even where

deductor has not issued TDS certificates, on the basis of evidence produced by the assessee regarding deduction of tax at source and on the basis of indemnity bond.

Profits from sale of agricultural land by real estate developer were taxable as business receipts

IT : Where assessee-firm was constituted for purpose of carrying on business of buying and developing properties into plots and in meantime it purchased agricultural land and sold same after three years, income derived on purchase and sale of agricultural land formed income from business