Sec 40a(3)
This query is : Resolved
23 October 2010
Suppose I make a payment of Rs. 1000000 for capital expenditure i.e. for purchase of business will that be disallowed under the act??
If any case law please quote that also.
If any case law please quote that also.
23 October 2010
No problem Sumit,
The whole amount will be allowed as deduction because there is a list given under Rule 6DD and this is also given that Expenditure on Fixed asset is not disallowed even if paid in Cash...
Regards!!!
Dinesh S. Adhikari
The whole amount will be allowed as deduction because there is a list given under Rule 6DD and this is also given that Expenditure on Fixed asset is not disallowed even if paid in Cash...
Regards!!!
Dinesh S. Adhikari
23 October 2010
allowed as deduction
24 October 2010
Section 40A(3) is related to "computation of business income". Capital expenditure is generally not considered for computing business income. In view of that, capital expenditure incurred and paid in cash is out of the purview of section 40A(3) of the Income tax Act,1961.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
