depreciation
This query is : Resolved
13 June 2009
A is the partner of ABC & CO. He introduce capital in the form of stock transfer and immvable property. but title chain is continue in the name of A only i.e. not transfer at sub registrar office of concern state. Can partnership firm benefit of depreciation merely use of such property for business purpose and accounting of partnership firm.
14 June 2009
In my opinion, the AO has a right to disallow the depreciation and other expenses u/s 30 since this is attempt to avoid stamp duty.
But if capital gains tax and stamp duty is paid by the partner, only registration is pending, then there is no reason for disallowance.
But if capital gains tax and stamp duty is paid by the partner, only registration is pending, then there is no reason for disallowance.
18 June 2009
Thanks Nitin Ji
After your contion we read some case law settle by high court which capital contribution is a transaction only therefore no require to register such documents at sub-registrar office. further rajasthan hight court allow depreciaton on such property.
After your contion we read some case law settle by high court which capital contribution is a transaction only therefore no require to register such documents at sub-registrar office. further rajasthan hight court allow depreciaton on such property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
