Depreciation

This query is : Resolved

Darshan Shah (Querist)
Follow

29 January 2011 Section 32 of the act says that to claim the depreciation in first year of a life of an asset, an asset must be used during the year. But, in some case laws depreciation is allowed as deduction, then whether to claim depreciation or not if the asset is not used during the year.

Guest

Guest (Expert)

29 January 2011 If not put to use in the year of acquisition, depreciation need not be claimed in that year

Message likes : 1 times

Darshan Shah

Darshan Shah (Querist)
Follow

31 January 2011 Thanx for replying
But in the following case laws depreciation is allowed even if not used in first year:
1 G. N. Agrawal 217 ITR 250
2 Whittle Anderson Ltd. vs CIT Bombay

Upgrade to CAclubindia Pro. Subscribe Now!

Guest

Guest (Expert)

31 January 2011 In fact, both the citations are not applicable. 217 ITR is not related to first year and there were specific facts in case of whittle