TMI BlogDisallowance u/s. 40A(3) - expenses made in cash - Purchase of property as fixed assets -...Disallowance u/s. 40A(3) - expenses made in cash - Purchase of property as fixed assets - Notwithstanding that the assessee had purchased the aforesaid property in question as a ‘fixed asset’, even if it is to be presumed that the same in the coming times is to be commercially exploited by it for constructing/developing a housing project, the same merely on the said basis would not trigger the applicability of sub-section (3) of Section 40A - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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