Sec.40A(3)
This query is : Resolved
08 April 2009
Whether the section is applicable in case of purchase of fixed assets
08 April 2009
Section 40A(3) attracts only to expenditure covered u/s 30 to 37. Like wise if the capital asset is not meant for sale the said section will not attract. Ref:- CBDT Circular 34 dated 05/3/1970.
09 April 2009
In ready reconer it is mentioned that the section is applicable in case of purchase of depreciable assets(refer to VK SINGHANIA Para49.3 A-110)
09 April 2009
never, this section relates to only exprnditures . and purchase of fixed is not an expenditure.
10 April 2009
i support mr. warrier
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