DEPRECIATION ON THE REPOSED VEHICLES

Snarayanaswamy (PRACTISING COMPANY SECRETARY )   (38 Points)

10 May 2007  
KINDLY LET ME, WHETHER I CAN CLAIM DEPRECIATION FOR THE VEHICLES (CAR), REPOSSED BY THE LENDER, DUE TO NON PAYMENT OF HIS DUES. THE CAR IS USED BY THE ASSESSEE FOR HIS BUSINESS USE, FOR 6 MONTHS DURING THE FINANCIAL YEAR 2005 -06.  WHAT TO DO WITH THE DEPRECIATION ALREADY CLAIMED BY THE ASSESSEE DURING THE FIN. YEAR 2004 -05.  THE ASSESSE IS A PARTNERSHIP FIRM.