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Purchase of fixed assets through cash above rs. 20000

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 December 2014 Dear Expert,

If any business man purchase fixed assets above Rs. 20,000 though cash Section 40(a)(3) apply there or not.

Thanks in advance.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
29 December 2014 since it shall be capitalised so actually you are not claiming it as an expense in profit and loss a/c
and hence sec 40A(3) is not applicable in this case.
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Rupesh Jain

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Rupesh Jain (Expert)
29 December 2014 no on fixed assets purchase section 40(a)(3) not apply.
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Ashwani Narnoli

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Ashwani Narnoli (Expert)
29 December 2014 SEC 40(a)(3) will not apply
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
30 December 2014 The said Section Apply for the Expenses which you are Claiming in Income tax, hence Not applicable on Fixed assets.
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