Depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2013 Dep. for IT purpose in case of new Firm/Co.

A new firm/co incorporated in Jan 2013, it means operative for 3 months onle.
As per IT provision there is no concept of dep. on the basis of no. of days. Section talk about concept of less than 180 days & more than 180 days.
My concern is even co. is in existence just for 90 days will it be allowed 180 days dep.
pls suggest me as per applicable prov. of act the correct treatment
Thanks
Rahul

CA Parul Saxena online

CA Parul Saxena online

(Expert)
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04 March 2013 Department will provide the deduction on account of depreciation for 90 days only...depreciation can not be claimed for the period during which the company was not in existence.....

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Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2013 Dear Parul
Thanks for expert openion
Logically i am agreed with your view & have the same openion however i have not found any clarification or prov. in the Act.
Pls provide me the link/prov. where i can get the details about the same.

Once again Many Thx

Rahul

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CA Parul Saxena online

CA Parul Saxena online

(Expert)
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04 March 2013 Sorry no idea about some case law or provision....but will try to find out the same and will get back to you then...

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Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2013 Thanks Parul,
Awaiting your reply

Rahul