Is it necessary to take into account depreciation of a building constructed by a primary cooperative housing society used exclusively for residential purpose of only 8 members with families in the balance sheet? The building stands on a leasehold land allotted to the society by state govt. Balance sheet is audited by govt auditor.
The cooperative society was formed as per provisions of West Bengal Cooperative Society Act.
If depreciation is necessary, what should be the rate? According to Income Tax Act or Companies Act?
The society is not an income tax assessee.
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