cash payment above 20000 for capital asset
This query is : Resolved
19 February 2011
If capital asset is purchased in cash paying more than Rs 20000/- whether depreciation is disallowed on such asset u/s 40a.......pls give case law, if any....
CA PARAS BAFNA
(Expert)
20 February 2011
Depreciation is allowed even when payment of capital asset is made in cash.
Section 40A(3) is applicable for payments of revenue expenses , which are generally debited to Profit & Loss A/c.
Section 40A(3) is applicable for payments of revenue expenses , which are generally debited to Profit & Loss A/c.
Guest
Guest
(Expert)
20 February 2011
Very much agree with Bafna Ji.
CA. Lohith Jagadeesh
(Expert)
22 February 2011
Hi,
Agree with Experts
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Agree with Experts
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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