Cash paid for truck exceeding 20000
This query is : Resolved
05 March 2011
SIr
The Co. Purchased a truck & remitted amount exceeding Rs. 20000 on a Single Day against one bill.please tell me whether such action on the part of Co. will lead to any Disalloance Under IT Act,1961 ?
The Co. Purchased a truck & remitted amount exceeding Rs. 20000 on a Single Day against one bill.please tell me whether such action on the part of Co. will lead to any Disalloance Under IT Act,1961 ?
05 March 2011
Cash paid on Purchase of capital goods allowable.
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05 March 2011
Is th cash for capital goods always allowed ? according to me there must be special circumstances under wich such action can be taken...for e.g a bank holiday, or a distant place where it's not possible to settle transaction without cash payment...if cash is allowed for capital assets then there is no proper essence behind 40A (3)...the main motive of restricting cash transations by IT act is lost........
05 March 2011
You are right in asserting your opinion.
11 March 2011
Hi,
Appreciate your view, however the Section is not applicable to Capital Goods as purchase of capital goods by cash or otherwise cannot be factored into to compute the Taxable Business Income.
Thank you,
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Appreciate your view, however the Section is not applicable to Capital Goods as purchase of capital goods by cash or otherwise cannot be factored into to compute the Taxable Business Income.
Thank you,
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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