An individual purchase the bus in 2001 - 02 then he has made depreciation for that year, then he has put to use the bus in 6 month for 2002 - 03 then he has sales the bus, whether depreciation is made for 2002 -03 in the books of individual?
27 November 2012
According to the IT Act depreciation doesn't allowed for the year in which year the asset was sold. So for your case for 2002-03 as per IT act Depreciation doesn't allowed.
CAclubindia
