28 May 2010
Depreciation is available only if the asset has been put to use. If you have used the machinery for your business, then only the you are eligible to claim depreciation.
28 May 2010
AGREED WITH MR. RAHUL. IF MACHINE IS PUT TO USE , THEN YOU WILL BE ELIGIBLE TO CLAIM DEPRECIATION AS PER COMPANY ACT. BUT AS PER INCOME TAX , NO DEPRECIATION WILL BE MADE, IF ASSET IS SOLD DURING THE SAME YEAR IN WHIHC IT IS PURCHASED.
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