CA Vishal kapoor (Partner) (320 Points)
25 September 2009Hi ,
My Question is that the asessee is a manufacturing unit & purchase a Crane & used with in the factory for manufacturing purpose. whether he is eligible for claiming addional depreciation u/s 32(1)(iia)..&
Pls describle the below line.This is one of the condition 4 claiming depreciation...
"The condition of Acquisition & Installation of Plant & Machinery should be satisfied simultaneously"
Thanks In Advance
Vishal
CA Vishal kapoor
(Partner)
(320 Points)
Replied 25 September 2009
| Originally posted by :vishal kapoor | ||
| " | Hi , My Question is that the asessee is a manufacturing unit & purchase a Crane & used with in the factory for manufacturing purpose. whether he is eligible for claiming addional depreciation u/s 32(1)(iia)..& Pls describle the below line.This is one of the condition 4 claiming depreciation... "The condition of Acquisition & Installation of Plant & Machinery should be satisfied simultaneously" Thanks In Advance Vishal |
" |
ya, assessee is allowed to claiming additional depreciation but provided the crane is entriely new one not second hand/old
& as i think the sense of ur line is that "For claiming additional depreciation all the condition prescribed under this section for the aforesaid purpose shall be complied with." e.g. if the machine is put to use for less than 180 days additional depreciation shall be allowed at the half of normal rate i.e. 10%
CA Sidhi Gaur
(Chartered Accountant)
(247 Points)
Replied 08 October 2009
yes, additional dep. @ 20% wl be allowed if the crane is brand new and not second hand.
if the crane has been put to use for more than 180 days then full dep. wl be allowed.
according 2 me, the meaning of the line wud be dat :
Dep. is allowed in IT ACT only after the machinery has been put to use n not when its ready for use. So, the condition of acq. n installation has to be satisfied accordingly.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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