CA Manoj Solanki (Chartered Accountant) (29 Points)
30 July 2010hi,
Can anyone please tell me whether there are any case laws to suggest claiming of additional depreciation even in the next year in case of additions for less than 180 days. i.e.the assesee is claiming 10%(50% of 20) since the asset used is for less tan 180 days.Can he claim the balance 10 percent in the next year??
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 30 July 2010
Dear manoj,
No. Additional depreciation is available only in the year in which eligible plant and machinery is first put to use and not thereafter irrespective of such P&M used for more or less than 180 days.
Regards,
Manoj
Harpreet
(* * * * * *)
(1670 Points)
Replied 30 July 2010
Crazy question but i think, Manoj may be right.
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 30 July 2010
Dear Harpreet ,
Which Manoj are you talking about?
Additional Depreciation is allowed only in the year in which the new plant & machinery is first put to use.Even if you claim 50% depreciaiton because the asset was put to use for less than 180 days, you can not claim additional depreciation in the next year.
Regards,
Fatema.
MANISH
(student )
(172 Points)
Replied 30 July 2010
additionl dep allowed in the year in which machineis 1st to put to use
CA Finalist
(Article Assitant)
(289 Points)
Replied 30 July 2010
additional depreciation can be claimed only once in the year in which the machinery is first put to use. Since it is half claimed (less than 180) it doesnt mean, we can claim the remaining later.
tax is not about LOGIC ! but its a LAW !!
prateek rijwani
(Industrial Trainee)
(125 Points)
Replied 30 July 2010
allowed only in 1st year of put to use of eligible P&M............
Harpreet
(* * * * * *)
(1670 Points)
Replied 30 July 2010
| Originally posted by : FATEMA | ||
 |
Dear Harpreet , Which Manoj are you talking about? Additional Depreciation is allowed only in the year in which the new plant & machinery is first put to use.Even if you claim 50% depreciaiton because the asset was put to use for less than 180 days, you can not claim additional depreciation in the next year. Regards, Fatema. |
 |
Manoj & me are also right. what manoj says that if p & m is used more than 180 days then 100% if less than 180 days then 50%. Us se bhi pehle 'Put to Use' consider kiya jayega. Am i right Fatema???
harish .k
(STUDING)
(306 Points)
Replied 30 July 2010
Additional depreciation is allowed in the first yr only ,we cant claim balance amount of depreciation in the next yr, as per the IT ACT1961
| Originally posted by : Manoj B. Gavali | ||
|
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Dear manoj, No. Additional depreciation is available only in the year in which eligible plant and machinery is first put to use and not thereafter irrespective of such P&M used for more or less than 180 days. Regards, Manoj |
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