A registered dealer purchased the P&M.
Can he avail ITC as wel as depreciation while computing output tax liabilities.
pl explain., experts
4 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 26 May 2021
No depreciation can be claimed to the extent of ITC availed. If ITC is not availed, then depreciation can be claimed on the total cost including tax.
Sivaramaraju G
(Learner)
(2398 Points)
Replied 27 May 2021
You can't take dual benefit. you want ITC then you have to forgo depreciation on ITC part.
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