Disallowance of depreciation under section 32 :
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
| 13&15 | Disallowance of depreciation under section 32 |
43(1) | NEWLY INSERTED | 01st April 2018 (A.Y. 2018-19) |
Expenditure incurred for acquisition of any asset in respect which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost of such asset. Judgement of Hon’ble SC in Aloo supply company so far as amortization was considered stands nullified
(Previously no such disallowance if capital expenditure was incurred in cash) |