Can Any guide that whether amount paid for purchase of capital asset be disallowed u/s.40A(3) if payment is in cash inexcess of Rs. 20000/-
Can Any guide that whether amount paid for purchase of capital asset be disallowed u/s.40A(3) if payment is in cash inexcess of Rs. 20000/-
Dear Moin,
Purchase of asset is a capital expenditure,It is not debited to Profit & Loss Account so the question of disallowance u/s 40 A(3) does not arise.
Regards,
Fatema
True... Even if 100% depreciation is allowable in the first year, or it is a Scintific Research Asset.. It will not be an expenditure and thus it cannot bge disalowed U/s 40A(3)
| Originally posted by : FATEMA | ||
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Dear Moin, Purchase of asset is a capital expenditure,It is not debited to Profit & Loss Account so the question of disallowance u/s 40 A(3) does not arise. Regards, Fatema |
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i agree......
AGREED WITH EXPERTS
| Originally posted by : FATEMA | ||
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Dear Moin, Purchase of asset is a capital expenditure,It is not debited to Profit & Loss Account so the question of disallowance u/s 40 A(3) does not arise. Regards, Fatema |
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accept with the experts views above
agree wid fatema & ashish......
purchase of capital assets is outside the purview of 40(A)(3)
section 40 (A) (3) of Income Tax act 1961 does not applies to purchase of capital goods
thanks To All of You.
i agree
i agree
CAclubindia
