Depreciation writeback
This query is : Resolved
26 August 2014
dear sir,
to overcome accumulated losses a co has written back depreciation worth 13 crores in current year.
What should be done/reported from auditors point of view. is it allowable as per Companies act & IT act.
27 August 2014
Can you please elaborate the question. Based on the facts given by you, irrespective of the amount of depreciation you account in books, depreciation as per IT Act only will be allowed for IT purposes. Hence, from IT point of view, there is no anomaly.
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