sec 40A(3)
This query is : Resolved
13 July 2009
A pvt ltd co. purcahsed a car in cash. At the same time it paid the insurance amount Rs. 20567 in cash. The amt will appear in the P & L A/c. My query is as to the amount of insurance i.e. whether the same is allowable or not???????????
13 July 2009
disallowed
13 July 2009
In my opinion, the first premium paid is capitalised.
If it's not, then it will be disallowed.
If it's not, then it will be disallowed.
13 July 2009
Agree with Nitin
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