Query regarding circular no. 34 dated 05/03/1970
This query is : Resolved
09 October 2012
any amount exceeding Rs. 20000 made in cash for accuring Land & Building whether allowable u/s 40A(3) followed by CBDT circlular 34 of 05/03/1970
SANJAY TALATI
(Expert)
10 October 2012
Disallowance under sec. 40A(3) for the payment made in cash exceeding Rs. 20000/- (Rs. 35000/- for payment for goods carriage)is attracted only in case of the revenue expenditure. If the same is made for procuring fixed Assets like building , plant & machinery , then sec. 40A(3) is not applicable.
Refer to circular no. 34 dtd. 05.03.1970
Refer to circular no. 34 dtd. 05.03.1970
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