INCOME TAX

DEEPAK (Querist) 21 September 2010 This query is : Resolved
Sir Is section 40(A)(3) is also applicable on purchase of depreciable assets in cash of Rs. 2 lakh.Such entry is not Debited in profit and loss account then it will add in computation or not..please clarify

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Kumar Thadhani (Expert) 21 September 2010
NO IT IS AVAILABLE ONLY FOR CASH TRANSACTION.

soumitra basu (Expert) 22 October 2010
Section 40A (3) is not applicable on purchase of fixed assets.

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