Purchase goods from urd dealer which is our fixed assets

This query is : Resolved

Tushar (Querist)
Follow

19 December 2009 Dear Sir,

I Want Information for following transaction:

when we purchase from urd dealer which is our fixed asset for our company the total bill amount Rs.55,000/- then after what will be action about for taxation purpose

CA Balram Sharma

CA Balram Sharma (Expert)
Follow

19 December 2009 Section 40A(3) will not attract in case of fixed assests.

Heera Nahariya

Heera Nahariya (Expert)
Follow

19 December 2009 recently there is a case law pertaining to this subject. While claiming depreciation there would be a problem in case of fixed assets purchased in cash.the same may be disallowed. so to avoid letigation we should follow section 40A(3)( read with rule 6DD) and try to avoid cash transaction as far as possible.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

19 December 2009 agree

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.K.RAMAKRISHNA. PRABHU

T E SOUNDARARAJAN

CA Varun Gupta

Rohit Sachdeva

CA. MOHIT SHARMA

Subscribe Now

Purchase goods from urd dealer which is our fixed assets

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA