28 August 2012
Hi, If a person has retired from partnership say on 01/10/2011 and partnership is continued further. He had taken machinery and factory shed from partnership firm and started his own business. What effect should be given in books of accounts from income tax angle. Whether WDV as on 31/03/2011 to be taken or 6 months depreciation to be calculated on assets taken in proprietorship. No other consideration is given.
CAclubindia
