Depreciation for sick Units
This query is : Resolved
20 March 2009
My client is a sick unit and has applied to BIFR in 2006-07. It has incurred Rs. 4 crores for maintenance of the plants and equipments in 2007-08. It showed Depreciation in the Income Tax return resulting in loss return. Should it be allowed???
20 March 2009
You question conveys two meaning, which can be answered:
1.If maintenance of P&M is shown as Dep. it can't be allowed as Depreciation.
2. If you want to ask that they also shown maintenance and Depreciation, then if Depreciation is calculated as per section 32 then it will be allowable.
1.If maintenance of P&M is shown as Dep. it can't be allowed as Depreciation.
2. If you want to ask that they also shown maintenance and Depreciation, then if Depreciation is calculated as per section 32 then it will be allowable.
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