Depreciation allowability u/s 40A(3)
This query is : Resolved
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????
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.
Ref:- Circular no 34 dated 05/03/1970.
17 November 2009
Thank you very much sir.
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