sec 40A(3)
This query is : Resolved
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.
can assessee claim that the shop owner was not receving cheque at that time.
18 August 2010
MOTORCYCLE IS NOT AN EXPENDITURE. BUT DEPRECIATION ON MOTOR CAR WILL BE DISALLOWED.
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18 August 2010
yes.Sec.40(A)3 is applicable for purchase of depreciable asset also
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