A tax payer has purchsed a asset for 40000 and paid the bill with cash on a single day. whether depeciation on it will be allowed since the asset is purchased for more than 20000 in cash.
A tax payer has purchsed a asset for 40000 and paid the bill with cash on a single day. whether depeciation on it will be allowed since the asset is purchased for more than 20000 in cash.
yes, depr. will b allowed as capital asset is not an expense thus not covered u/s 40A(3)
yes, dep allowed
refer sec 40--A-3
No disallowance u/s 40A(3) is attracted if a capital asset is purchased by cash. Depreciation will be allowed.
Only expenses are hit by this disallowance.
yes you can
Yes, Depreciation will be allowed
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