Additional dep can be charged or not??!!

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2012 XYZ COMPANY TOOK ON LEASE A MACHINERY & AFTER 3 YEARS PURCHASED IT THEREBY OWNING THE MACHINE.THE QUERY IS WHETHER THE MACHINE BE TREATED AS NEW MACHINE & WHERE OTHER CONDITIONS AS PER SEC 32 ARE FULFILLED.

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Ram Avtar Singh

Ram Avtar Singh (Expert)
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28 October 2012 only on new machine purchase Addl. dep. allowed

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2012 the line says as per the I.T.Act

(A) any machinery or plant which, before its installation by the assessee, was used either within or outside India by ANY OTHER PERSON

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