08 April 2009
Section 40A(3) attracts only to expenditure covered u/s 30 to 37. Like wise if the capital asset is not meant for sale the said section will not attract. Ref:- CBDT Circular 34 dated 05/3/1970.
09 April 2009
In ready reconer it is mentioned that the section is applicable in case of purchase of depreciable assets(refer to VK SINGHANIA Para49.3 A-110)
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