Additional depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 September 2012
Why additional depreciation is allowed for only one previous year U/s 32(iia) why not in subsequent years also. Kindly quote any relevant case law (if there)
15 September 2012
Additional depreciation is allowed only in the year of purchase of plant and machinery, used for production.
If it would be allowed in subsequent years also it wont be called ADDITIONAL depreciation but depreciation.
If it would be allowed in subsequent years also it wont be called ADDITIONAL depreciation but depreciation.
15 September 2012
Additional depreciation is that which is allowed over and above regular depreciation. It is allowed only in the first year of purchase. Lawmakers felt that this should be allowed only in the first year, otherwise revenue will suffer. This is provided in the law and thus can't be argued.
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2012
Is there any case law on this matter or Can u highlight the wordings in the section which clearly shows that it will be allowed in previous year only.
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