Section 40A (3) is applicable to section 30-37, Hence depreciation shall not be allowed if it is cash purchase of fixed asset.
naseef
(CA Final, ICWAI Final)
(37 Points)
Replied 21 September 2013
Section 40A (3) is applicable to section 30-37, Hence depreciation shall not be allowed if it is cash purchase of fixed asset.
Anuj jain
(CA Final Student)
(163 Points)
Replied 23 September 2013
yes it is allowed because as u have incurred expenditure of capital nature and u r eligible to debit the depreciation in P&L a/c and the same will be allowed to u..but it is prefreble that FA should not be purchased from cash.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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