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Depreciation allowability u/s 40A(3)

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(Querist)
17 November 2009 As per Section 40(A)(3) if any assest purchased by way of cash exceeding more than Rs. 20,000/- then depreciation on that is diallowed in that year. My Question is whether in subsequent year depreciation is allowable on that assest????
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 November 2009 Section 40 A(3) is not applicable for purchase of capital asset not meant for sale.
Ref:- Circular no 34 dated 05/03/1970.
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CA Gaurav Makwana

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CA Gaurav Makwana (Querist)
17 November 2009 Thank you very much sir.
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