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Purchase of fixed assets

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(Querist)
27 December 2011 whether purchase of fixed assets is allowed for than Rs 20,000 by cash and depreciation will be allowed on the same or not?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 December 2011 Purchase of fixed assets are outside the purview of section 40A(3) of the IT Act,1961 and hence can't be disallowed if the amount exceeds Rs.20,000/-.

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