Sec 40a(3) and depreciation allowability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 December 2011
please clarify whether depreciation is allowed on fixed asset say laptop purchased for Rs. 40,000/- for cash. USUALLY fixed assets are purchased / created say factory buildings by spending amounts in cash.
and also motor bikes are purchased for cash for Rs. 50,000/- to Rs. 60,000/- by cash and assessees are claiming depreciation.
please clarify whether depreciation is allowed or not if fixed assets are purchased by cash.
and also motor bikes are purchased for cash for Rs. 50,000/- to Rs. 60,000/- by cash and assessees are claiming depreciation.
please clarify whether depreciation is allowed or not if fixed assets are purchased by cash.
29 December 2011
Depreciation is allowed as the depreciation is non cash expenditure.
Thanks,
CA M Sreenivasa Rao.
Thanks,
CA M Sreenivasa Rao.
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