17 August 2012
sir I am claiming exemption u/s 12A in my society, if I purchase fixed assets in cash of rs.50 lacs and in subsequent year A.O. disallow my depreciation approx 5 lac applying section 40A(3), because I have purchase fixed assets in cash, whether this disallowed amount of depreciation will be taxable or not in the hands of society enjoying exemption u/s 12A
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