State the circumstances under which no depreciation is admissible
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No deduction is allowable against the income which is exempt from tax. Further, in the case of trust/ society whose income is claimed as exempt by application of income under Section 10 or 11, no depreciation is admissible as it will amount to allowance of double deduction.
· Additional Depreciation Under Income Tax Act. ... In case of any new machinery or plant (excluding ships and aircraft) acquired and installed after March 31, 2005 by an assessee who is engaged in the business of manufacture or production of any article or thing – additional ...
· Additional Depreciation Under Income Tax Act. ... In case of any new machinery or plant (excluding ships and aircraft) acquired and installed after March 31, 2005 by an assessee who is engaged in the business of manufacture or production of any article or thing – additional ...
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The main grouse is that the claim was not made in the return of income. Grant of depreciation and additional depreciation is mandatory, whether claimed by the Assessee or not. ... The requisite certificate from the Auditors regarding the claim for depreciationhas been filed during the assessment proceedings.
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