If a fixed asset is purchased for business use in cash for 60,000/-. whether depreciation on such asset will be disallowed in this case or not ? Give reason too....
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Sec.40A(3) of ITAct
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section 40 A (3) SAYS THE CASH EXPENDITURE SAHLL NOT BE ALLOWED AS DEDUCTION IF PAYMENT EXCEEDS 20000 IN A DAY
THERE IS NOTHING RELATED TO THE DEPRECIATION ON FIXED ASSET
SO FIRST U CONFIRM THE PAYMENT MADE TO PURCHASE ASSET ALLOWED AS A DEDUCTION OR NOT...
Sec 40A(3) is not applicable in this case.
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