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