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....
2 Replies
Dheeraj
(Learner)
(1100 Points)
Replied 17 August 2010
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...
Shan Antony
(Industrial Trainee)
(243 Points)
Replied 17 August 2010
Sec 40A(3) is not applicable in this case.
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