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(Querist)
03 March 2009 hi every one
i hav two queries
1)if an asset is purchased for cash exceeding Rs 20000/- , then sec 40A(3)gets attracted . then whats the penal provision for such as , however , asset purchased will not be allowed as deduction as it will get captalised

2) is it possible that a private company be listed in stock exchange . ( obviously no ) , but my quiery is that why Reliance industries , TATA is referred as a private undertaking
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
14 March 2009 section 40A(3) will not be attracted.

and

reliance tata are not private undertaking its that majority of the shared holding is in single hands.
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