sec 40A(3)
This query is : Resolved
CA Anurag Shukla
(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.
can assessee claim that the shop owner was not receving cheque at that time.
CA Sanat Pyne
(Expert)
18 August 2010
MOTORCYCLE IS NOT AN EXPENDITURE. BUT DEPRECIATION ON MOTOR CAR WILL BE DISALLOWED.
Message likes :
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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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