Hi,
Whether depreciation can be claimed on assets purchased but business operations are not started yet?
Kindly reply
Unless the asset is put to use, no depreciation can be claimed over it.
4 Replies
jigna jain
(11 Points)
Replied 05 July 2019
what if asset is ready to use but business operations r not started
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 06 July 2019
In this case also you cannot claim depreciation on the asset.
It is clearly mentioned in the act that depreciation will be charged only when the asset is "put to use" not when the asset is ready to put to use. ( As per the case law Dinesh Kumar gulab Chandra Agrawal, Bombay High Court)
It is clearly mentioned in the act that depreciation will be charged only when the asset is "put to use" not when the asset is ready to put to use. ( As per the case law Dinesh Kumar gulab Chandra Agrawal, Bombay High Court)
jigna jain
(11 Points)
Replied 08 July 2019
But u/s 32 put to use is being defined as active use ND passive use both...so do we have to consider that ND claim depreciation r nt...m confused between that
Recent Topics
- GST INVOICES - NO ACTION - IMS
- Clarity on 26qb filing in case of minor being the
- OLD REGIME AND NEW REGIME.
- TDS deduction on lease internet charges
- Raising invoice by NRI person in Indian INR
- RCM paid under wrong head
- TDS 194 T
- Dr03 payment for input tax repayment
- Extra invoice in GSTR1
- CA Articleship form 112
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
