purchase of a capital asset meant for resale ?
what implications does it have u/s 40A(3)
1 Replies
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
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