05 December 2010
company has taken over partnership firm and all the assets are booked at revalued figures and take depreciation as per company act as well as Income Tax Act. ITO want to disallowed the depreciation on the stand that depreciation on revaluation is not allowed. whether his contention is right or wrong?
05 December 2010
I think for tax purpose, u need to charge depreciation on agreed value.., i.e at amount at which they appear in partnership accounts..... For accounts purpose, u must consider the revalued amount and not for tax...
CAclubindia
