08 August 2009
An asset was completely obsolute and not in use,now such asset is completely under repair and renovation for making it ready for use.whether depreciation can be claimed during this period.
09 August 2009
even after asset being obsolete was it in your books of accounts? If yes then you can continue to take the depreciation on the historic cost and later on you can add the current expenses on the assets as an addition to the cost of the asset and then can take depreciation on such enhanced cost too. if you are still not clear then please do let me know.
CAclubindia
