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Depriciation

This query is : Resolved 
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(Querist)
01 June 2011 If any asset is purchased in Cash..Then depriciation on such asset will be disallowed in excess of Rs.20,000 as it amounts to expense incurred indirectly in Excess of Rs. 20,000...

However this is not clearly mentioned anyway in Act.....

Is it possible or not?????????/
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
01 June 2011 Not possible because depreciation is not an expense but an allowance.
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