Dear Forum Members,
Is it mandatory to claim additional depreciation under Section 32 of the Income tax act ?
Thanks,
2 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 25 August 2009
Mr.Sathyanarayana A
Additional depreciation is not a thrust on the assessee as in the case of deprectio. Depreciation is a thrust on the assessee as per the provisions of Explanation 5 to sub-section (1) of section 32. Additional depreciation is allowable on fulfillment of certain conditions.
Best Wishes
Sathikonda
Bhaskaran Chackrapani Warrier
(Chartered Accountant)
(80235 Points)
Replied 19 March 2012
Mandatory.
Reason is as follows:-
Explantion 5 says...... "this subsection"....
The subsection referred therein is 32(1).
Since additional depreciation under sub section (iia) falls under subsection (1),explanation 5 squarely applies to (iia) meaning thereby addtional depreciation is mandatory.
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