Section 40a3
This query is : Resolved
04 July 2015
if payment for purchase of furniture and fixtures in cash exceeding 20000 would the provision of section 40a(3) be invoked on the depreciation claimed on the assets??pls do reply soon
04 July 2015
Depreciation can't be disallowed because it is an 'allowance'and not an 'expenditure' to be covered under 40A(3).
Also refer supreme court judgement in Pandiyan Insurance Co's case reported in 55 ITR 716.
Also refer supreme court judgement in Pandiyan Insurance Co's case reported in 55 ITR 716.
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