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sec 40A(3)

This query is : Resolved 
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(Querist)
18 August 2010 AN ASSESSEE PURCHASED A MOTORCYCLE FROM A SHOP ON CASH PAYMENT AND AO IS INVOKING SEC40A(3)AND DISALLOWING PAYMENT SO WHETHER ANY REMEDY IS AVAILABLE TO ASSESSEE.
can assessee claim that the shop owner was not receving cheque at that time.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
18 August 2010 MOTORCYCLE IS NOT AN EXPENDITURE. BUT DEPRECIATION ON MOTOR CAR WILL BE DISALLOWED.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 August 2010 yes.Sec.40(A)3 is applicable for purchase of depreciable asset also
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