Claim of depreciation on stolen asset

This query is : Resolved

Mohan Saxena (Querist)
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12 July 2013 Dear Expert,

We are a private limited company.

During the last financial year i.e. 2012-13, one of our Vehicle has been stolen.

Claim has be submitted to the Insurance Company.

Does in this case are we entitled to claim Depreciation for full year for said vehicle.

Also please advise, is there any requirement of disclose this theft in Audit Report by the Auditors of the Company.

Thanking you,

Mohan Saxena

Anil Sankar V

Anil Sankar V (Expert)
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12 July 2013 dep.has to be claimed till the day of steaing.depending on the materiality value & auditors consideration will be disclosed in audit report

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 July 2013 dep can be claimed from 1/4- date of theft only.

Auditors should mention it in theri report after verifying the fir and other available doc.

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