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40 (a) 3

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29 March 2015 Dear Sir, We have purchased a 'Old Tata 407 vehicle & made the cash payment Rs. 5,00,000/- for which there is no bill any documentation rather Driving Licence. My question is 1) Will the cash payment for the asset be allowable as per sec 40 (A) 3 of income tax? 2) And the capital asset can be capitalised? Regards, AK
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
29 March 2015 Asset purchase and paid in cash cannot be disallowed u/s 40A(3) as it is not claimed as a deduction. Further, depreciation on such assets can also not be disallowed u/s 40A(3) as it is not in the nature of expenditure also
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