ATTAR SINGH GURMUKH SINGH versus INCOME-TAX OFFICER, LUDHIANA
The word expenditure in section 40A (3) is not mentioned in the Act. This is a word of a wide import. Section 40A (3) refers to what is paid by the assessee in this regard. For the purpose of this section, the expenditure for the purchase of stock in trade under the literal expenditure is one of Regulation 6DD of the Income-tax Rules, 1962, which also considers the payment for stock in trade and raw materials, According to the principle. Therefore, the terms of section 40A (3) are attracted to payments made to acquire stock in trade and other materials.
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