12 September 2009
whether depreciation as per Income Tax Act can be claimed even if no depreciation was provided in books as business was discontinued in the previous year
12 September 2009
No, depreciation is not allowable under the Income Tax Act, 1961, if the assesee does not use the asset for the purpose of carrying on the business or profession...
12 September 2009
What if i have offered income for tax in that year i.e. year of discontinuance? Like there is sale of goods but no production from the asset nor any purchases were made. sale was made from Op. Stock... Still can depreciation be claimed under I.T. act?
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