Can payment be made of above Rs. 20000 for purchase of car or other fixed assets or its a violation of sec. 40A(3)
Thanks in advance............
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Sec. 40a(3)
Replies (1)
Dear Amit,
No, there is no violation of Sec. 40A(3) in that case.. it applies only to expenditure which are debited to P&L A/c (i.e. revenue expenses not capital expenses).
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
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