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sec 40A(3)

This query is : Resolved 
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(Querist)
10 July 2009 A pvt ltd co. purcahsed a car in cash. At the same time it paid the insurance amount Rs. 20567 in cash. My query is as to the amount of insurance i.e. whether the same is allowable or not???????????
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Arun Gupta

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Arun Gupta (Expert)
10 July 2009 DEAR,FIRST TIME CAR INSURANCE IS CAPITALISED WITH CAR VALUE ,SO IT CAN NOT BE CLAIMED AS AN EXPENDITURE ,SO DONT'WORRY
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