29 March 2011
an assesse file returnof A.Y. 2010-11 as per section 44 AF Retailer now , he is file return basis of normal books of account maintain and show balance sheet with proprietor capital and loan from relative . now under intimation 143(1) and disallow depreciatin . what are reason of such disallow? is assesse get any other trouble for change of file return by deptt.? further assessee in next year file return in presumptive section? return file nature of business - retailer
30 March 2011
When you declare income u/s 44AF, all business deductions are assumed to be allready allowed. So no further deduction of depreciation is aloowed. Deptt is right in disallowing depreciation
CAclubindia
