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Fixed Asset Purchased in Cash & Cash paid in installments on different dates

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Chartered Accountant

Chartered Accountant (Querist)
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01 March 2025 Just a general query,
Suppose X purchases a fixed asset of Rs 1 Lakh in cash on 01/04/2024 , If he makes payment of whole 1 Lakh on 01/04/2024 Section 43(1) will attract & Cost of acquisition will be treated as NIL but what if he pays Rs 10000 each day from 02/04/2024 to 11/04/2024 will Rs. 100000 be treated as cost of acquisition then?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 March 2025 Yes, in such a case Rsb100000 will be treated as cost of acquisition.

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