Dear Friends,
I am dealing one case where assessee has purchased Particular Fixed Asset in cash exceeding Rs. 20000/-. Assessee has received Assessment notice which disallows depreciation on that particular asset u/s 40A(3) due to the reason that it has been purchased in cash.
Request you to please quote any case law which supports non disallowance of depreciation u/s 40A(3)
Purchase of capital assets on which 100% or even normal depreciation allowable does not constitute expenditure and is not covered by Section 40A(3)
Dear Abhas,
40A(3) does not applicable to Capital Expenditure. Here is a Case law:
Kanshi Ram Madan Lal Vs ITO
Thanks
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