07 May 2016
Dear Experts, In the block only one asset is consist and This said asset has been destroyed due to fire as on 16/8/2016 however the WDV of The block was 123689/- as on 1/4/2015, plz Guide me as per IT weather depreciation Will be charge or not if yes on which value,
07 May 2016
Insurance claim can be adjusted against the Asset block amount and remaining can be shown as a loss in fire. Depreciation can not be claimed (Assuming date of fire is 16/08/2015). If not then can be claim 1 year depreciation
Querist :
Anonymous
Querist :
Anonymous
(Querist)
07 May 2016
Sir. There was No insurance.. Also Not any other assets in the block hence The loss 123689/- will be written off in profit & loss a/c and the same will be added back While computing income....pls tell me as The asset was destroyed on 16/8/2015 weather dep. Would be charge or not if not Why and if yes on which value...
CAclubindia
