Firm is not dissolve but last financial year there were no work. Can firm claim dep. For that financial year?
6 Replies
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 13 December 2017
Yes depreciation can be claimed for passive work also once machinery is put to use
Yash Chawda
(300 Points)
Replied 13 December 2017
depriciation claim but since there is no income than such case depriciation become unabsorb depriciation and carried forward to future years
eusuf
(CA )
(39 Points)
Replied 13 December 2017
yes u can claim depreciation and also interest since the funds are used for business not necessarily in the current year but also in previous years
eusuf
(CA )
(39 Points)
Replied 13 December 2017
but check the provisions of sec 43b if interest is overdue it will not be allowed as deduction
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