sec 32 depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2010 sir,

i have one querry regarding treatment of amount of claim received in current year against machinery purchased in preceeding year : -

machinery purchase on credit in year 2008, (e.g. 100000)
issue debit note against machinery amount in year 2010,(e.g. 20000)

how much WDV will be taken for dep. claiming in section 32 for the f.y. 2009-10 and any other treatment if happened..

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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12 August 2010 In current year 2010, you can adjust gross value and wdv by Rs.20000/- and claim depreciation on net amount.
or

Second, you can take it as misll income like discount recd , and claim depreciation on current wdv as it.