02 July 2013
Suraj Enterprises is a manufacturing concern and has a 15% block of plant and machinery with a WDV of Rs. 15,00,000 on 1.4.2012. A new machinery belonging to the same block worth Rs. 1,60,000 is purchased on 1.9.2012. Suraj Enterprises forgets to claim additional depreciation on the said machine in the P.Y. 2012-13. Is Suraj Enterprises entitled to claim the additional depreciation in the P.Y. 2013-14 when:- A) the machinery is put to use in the P.Y 12-13 on 3.9.2012. B) the machinery is put to use in the P.Y. 2013-14 . please answer in detail.
03 July 2013
The machinery is acquired (1-9-2012) and installed (3-9-2012) in PY 2012-13 hence eligibility for additional depreciation arises in PY 2012-13.
05 August 2013
Yes if you have submitted your return in time for the assessment year 2012-13 then there is option with you to revise the return by claiming addtional depreciation.
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