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Depreciation

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(Querist)
16 February 2008 if we incurred capital expenditure for morethan Rs.20000 in cash, can depreciation be allowed on such asset?
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CA. Dashrath Maheshwari

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CA. Dashrath Maheshwari (Expert)
16 February 2008 Yes,
Because the expenditure is allowable after paying tax on the same.
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Ramkrishna Mokashi

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Ramkrishna Mokashi (Expert)
17 February 2008 I agree..
Interpreting the law Strictly, depreciation is allowed, since Section 40A(3) is not applicable to payments made to acquire Capital Assets.

However, I think such Expenditure (Namely Depreciation) cannot be allowed as deduction, as it violates the basic motto of the section, i.e. to prevent large payments.
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