Section 40a3

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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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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