income tax

DEEPAK (Querist) 20 September 2010 This query is : Resolved
Sir Is section 40(A)(3) is also applicable on purchase of depreciable assets in cash.please clarify

Follow Query

Report Abuse

Parthasarathi Loganathan (Expert) 20 September 2010
The provisions of this section (40-A of IT Act)is applicable to computation of income under the head “Profits and gains of business or profession”. Hence it includes purchase of depreciable assets in cash

B.Chakrapani Warrier (Expert) 21 September 2010
I disagree why because section 40A(3) speaks about disallowance of certain expenses whereas depreciation is not an expense but it is an allowance meaning there by that expenses and allowances cannot be equated.

soumitra basu (Expert) 22 October 2010
No. section 40a(3) is not applicable on purchase of fixed assets. CBDT circular may be referred in this context.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries