Deprecition
deepak (accounts and taxation practice) (67 Points)
26 June 2017
what will be depreciation on horses used in school etc.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 26 June 2017
As per Income tax act depreciation on live stock is not defined, though one can treat it as fixed asset.
But in case of Ruia Stud And Agricultural Farms ... vs Sixth Income-Tax Officer on 30 May, 1985
[1985 14 ITD 429 a Mum] Tribunal allowed the claim of assessee for the horses to be treated as 'Plant' and allowed depreciation at 10%.
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