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Sec 40a(3) and depreciation allowability

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Querist : Anonymous

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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.
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CA Sreenivasa Rao Munaga

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CA Sreenivasa Rao Munaga (Expert)
29 December 2011 Depreciation is allowed as the depreciation is non cash expenditure.

Thanks,
CA M Sreenivasa Rao.
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