Nitin Kanodia (student) (31 Points)
04 June 2012Dear All,
I have a following query:
Plant & Machinery Installed and put to use in November 2010. However, no additional depreciation was claimed in the fy 2010-11.
In the fy 2011-12, assessee wants to claim additional depreciation?
Plain reading of the provisions state that it may not be allowed if not taken in the first year it was put to use, however, I am looking for some case laws which state that it might be allowed.?
Regards,
CA Nitin Kanodia
CA Ganesh Agarwala
(Audit Senior Manager)
(239 Points)
Replied 04 June 2012
dear nitin,
as far i remeber my teachers taught me that you need to take the advantage of additional depreciation in the first year itself. if you miss it or you dont put your machine in use in the first year itself then the benefit will not be provided to you.
my answer is subject to errors
cheers
ganesh agarwala
CAclubindia
