It is practically found that if acquisition cost of assets is below Rs.5000/- then 100% depreciation is allowable under section 32 .can anyone intimate me in which provision of tax it has written or possible quote case law for above situation
C.A Tarun Shah (practice) (271 Points)
29 August 2008It is practically found that if acquisition cost of assets is below Rs.5000/- then 100% depreciation is allowable under section 32 .can anyone intimate me in which provision of tax it has written or possible quote case law for above situation
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 29 August 2008
there is no provision in income tax act which machinery cost is less than rs 5000/- you will take 100% deprciation only in companies act it is allowed
thanks
ca hemant dewani
CAclubindia
