29 December 2011
please clarify whether depreciation is allowed on fixed asset say laptop purchased for Rs. 40,000/- for cash. USUALLY fixed assets are purchased / created say factory buildings by spending amounts in cash. and also motor bikes are purchased for cash for Rs. 50,000/- to Rs. 60,000/- by cash and assessees are claiming depreciation. please clarify whether depreciation is allowed or not if fixed assets are purchased by cash.
CAclubindia
