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Assets purchased in cash
I have purchased assets in cash.... whether it will be included in Block of assets or not .......???
Replies (6)
cash cant be paid more than 10,000 per person per transaction
that's right but what if when we have purchased assets in cash..... for income tax audit purpose....
WHAT IS THE ASSETS??
same will not be added in the cost of asset by virtue of explanation 1 to section 43(1) of IT act as ammended by FA 2018.
mobile purchased during the year...
u can't capitalize the same in books
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