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Sec.40A(3)

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(Querist)
08 April 2009 Whether the section is applicable in case of purchase of fixed assets
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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Tripathi Saurabh

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Tripathi Saurabh (Querist)
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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yogeshwar

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yogeshwar (Expert)
09 April 2009 never, this section relates to only exprnditures . and purchase of fixed is not an expenditure.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
10 April 2009 i support mr. warrier
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