income tax
This query is : Resolved
30 August 2007
Does Sec 40A(3) apply to acquisition of fixed assets on which depreciation is claimed.
Cost of the asset is not climed as expenses but only the depreciation is claimed.In such a case what should be reported in tax audit report.
In Taxman's ready reckoner 2008-09,in Page A-109 in para 49.3.3 it is mentioned that Sec.40A(3) is applicable if an assessee purchases a depreciable asset.
Kindly clarify.
Cost of the asset is not climed as expenses but only the depreciation is claimed.In such a case what should be reported in tax audit report.
In Taxman's ready reckoner 2008-09,in Page A-109 in para 49.3.3 it is mentioned that Sec.40A(3) is applicable if an assessee purchases a depreciable asset.
Kindly clarify.
31 August 2007
After amendment of language in section 40(A)(3) this(taxman) is true
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