Dear Sir,
We purchase Air Conditions of Rs. 7,00,000/- in the FY20-21 and charged depreciation on it for the FY20-21 & FY21-22.
And in the FY22-23 we received a credit note of Rs. 3,00,000/- from the vendor.
We decreased the assets value from Rs. 3,00,000/-.
Please suggest the treatment of Depreciation(As per Company Act & Income Tax Act).