Disallowance of depreciation
This query is : Resolved
15 September 2013
Whether Depreciation will be disallowed if cash payment more than 20000/- for purcahse of capital assests? if yes then disallowed for the same year or will continue ?
15 September 2013
Can't be disallowed in view of the CBDT Circular No. 34 dated 5-3-1970 which says as follows:-
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Thus, the price of goods purchased for resale or use in manufacturing process or payments for services will be covered by the provisions of section 40A(3). However, the section will not apply to repayment of loans or payment towards the purchase price of capital assets such as plant and machinery not for resale.
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Thus, the price of goods purchased for resale or use in manufacturing process or payments for services will be covered by the provisions of section 40A(3). However, the section will not apply to repayment of loans or payment towards the purchase price of capital assets such as plant and machinery not for resale.
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