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Cash purchase of a fixed asset.

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(Querist)
21 November 2016 We are private limited company, if we likes to purchase a machinery costing to Rs.70,000/- as cash. Then 40 (a)(3) applies? Capital expenditure.. pl reply sir
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CA SAGAR M. AHUJA

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CA SAGAR M. AHUJA (Expert)
21 November 2016 First Section is 40A (3) and not 40 (a) (3) for your info.
And provision of section 40A(3) does not apply in respect of an expenditure which is not to be claimed as deduction under section 30 to 37 so Purchase of Fixed asset is not fall in any of this section hence no dis allowance.
Thanks.
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