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Cash Purchase of Land

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(Querist)
06 May 2010 Can a Private Company purchase Land in Cash??
Is sec.40(A)3 will be applicable for the purchase of land in cash also??
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
06 May 2010 Section 40A(3) does not apply to expenditure which is not to be claimed as deduction u/s 30 to 37.
Purchase of land is capital expenditure.
Under section 37, only revenue expenditure is deductibele.
Hence 40A(3) is not applicable to purchase of land in cash.
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MAYUR GOYAL

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MAYUR GOYAL (Querist)
06 May 2010 thanks sir.
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