Disallowance of depreciation if asset purchased in cash?????
This query is : Resolved
26 May 2011
Hello friends
As we know that any payment made in cash over and above limit prescribed in sec.40(A)(3) is disallowed while computing total income
However it is said that if asset is purchased in cash then that can not be disallowed as that not have been enetered in profit & loss a/c
now can depreciation of that asset which is paid in cash be disallowed???
thx!!
As we know that any payment made in cash over and above limit prescribed in sec.40(A)(3) is disallowed while computing total income
However it is said that if asset is purchased in cash then that can not be disallowed as that not have been enetered in profit & loss a/c
now can depreciation of that asset which is paid in cash be disallowed???
thx!!
26 May 2011
Depreciation can not be disallowed since it is allowable specifically u/s. 32.
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