Ketan Padsala (CMA-Final) (89 Points)
10 July 2012For Example,
ABC co. Has Plant&machienary Which W.D.V. is Rs.100000. and on 1st october,2011 that plant And Machienary damage by Fire.
My question is that can Depriciation Allow on that?
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 10 July 2012
Under the Income-Tax Act the Block Concept is being followed in respect of the assets on whihc depreciation is being claimed.
If the block of the Plant & machinery after deducting the above value of the machinery destroyed by fire make the block to 'Nil' then no depreciation can be claimed.
Pucca Idiott
(wannabe...)
(148 Points)
Replied 10 July 2012
You can still claim Depreciation on the P&M damaged by fire. As per The I.T.Act Depn of asset which are disfunctional are entitled for Depn until they are transferred. So if you have the Assets lying with you, you can claim Depn on that as the identity of the asset gets lost in the Block, but once you transfer it you won,t be allowed to claim Depn. I ll even let you know the Case once I recollect.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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