depreciation on revaluation


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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2010 Depreciation on revalued assets which are take over from partnership firm is allowed as per income tax act or not?

03 December 2010 why it won't be??? I mean, taken over in what sense, a retiring partner takes away the asset or when a partnership is sold to a company??? In above case, depreciation is allowed on taken over, i.e agreed value (as per my view) of an asset....

03 December 2010 Under the head business / profession , Depreciation is allowed, if the block exist.


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Querist : Anonymous

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Querist : Anonymous (Querist)
03 December 2010 thanx for reply, but i need documentary evidence to show to officer...



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