Purchase of fixed assets
This query is : Resolved
27 December 2011
whether purchase of fixed assets is allowed for than Rs 20,000 by cash and depreciation will be allowed on the same or not?
27 December 2011
Purchase of fixed assets are outside the purview of section 40A(3) of the IT Act,1961 and hence can't be disallowed if the amount exceeds Rs.20,000/-.
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