purchase of a capital asset meant for resale ?
what implications does it have u/s 40A(3)
Devendra
(Chartered Accountant)
(4775 Points)
Replied 13 April 2012
Capital Asset is never meant for Resale.
The above purchase can be classified as normal business purchase. And if it is purchased paying cash above Rs. 20000, then it is disallowed u/s 40(A)(3).
Regards,
Devendra Kulkarni
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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