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Tax audit

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(Querist)
19 November 2013 purchase of mobile worth Rs. 35000 in cash. Is it liable to disallow u/s 40A(3)?
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CA Chandra Kishore Bajpai

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CA Chandra Kishore Bajpai (Expert)
19 November 2013 If going to capitalize then no disallowance because allowance happens when such expenditure claime as deduction from income
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
19 November 2013 Agree with Expert,
Such expenses which deals with P/L account and it exceeds the 20000 per day per person then section 40a{3} attracts...
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
22 November 2013 Yes agreed with above ans.
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