03 January 2022
Sir, A it person purchase of equipment value payment different dates no invoice received. Payment rs:1 lacs dt:10-06-20 Payment rs:2 lacs dt:25-06-20 Payment rs:1,50,000/- dt:20-07-20 Payment rs:2 lacs dt:26-07-20. Question: 1.A person above mentioned purchase of equipment values business expenses or fixed assets treatment in books in it act. 2.fixed assets treatment depreciation claim allowed in it act.
03 January 2022
1. Fixed asset, invoice required for the equipment. 2. Depreciation not allowed. 3. The seller cannot accept the cash amount for any single equipment.
CAclubindia
