Whether fro purchase of depreciable assets sec: 40A(3) is applicable
(I have read in Ready Recknor applicable)
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sec: 40A(3)
Replies (4)
U are right...... But there is a view that the Sec 40A(3) is applicable only for the expenses claimed in the P&L account.. Since purchase of capital asset is not claimed as an expenditure in P&L the question of disallowance does not arise...... The topic has been discussed in the forum before in detail...... u can refer that also Sweta....
logic may be dep. is claimed in p& l a/c
Dear Sweta,
Priya had rightly said on purchase of an asset there is no question of applicability of section 40A(3).
As far as depreciation is concerned it is not paid to anyone it is a provision made for wear and tear in the asset. so, there is no question of section 40A(3) as no payment is done.
Agree with Mr. Rajat
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