Assets purchased in cash

Nilesh Rathore (indore) (96 Points)

24 September 2018

I have purchased assets in cash.... whether it will be included in Block of assets or not .......???

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6 Replies

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 24 September 2018

cash cant be paid more than 10,000 per person per transaction

Nilesh Rathore (indore) (96 Points)
Replied 24 September 2018

that's right but what if when we have purchased assets in cash..... for income tax audit purpose....

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 24 September 2018

WHAT IS THE ASSETS??

Sanket Gupta (4 Points)
Replied 24 September 2018

same will not be added in the cost of asset by virtue of explanation 1 to section 43(1) of IT act as ammended by FA 2018.

Nilesh Rathore (indore) (96 Points)
Replied 24 September 2018

mobile purchased during the year...

Sanket Gupta (4 Points)
Replied 24 September 2018

u can't capitalize the same in books

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