Additional Deprication
This query is : Open
15 September 2010
IF a company engaged in the business of power generation,(Electricity generation) only.
if the same co. Purchase any plant & machinery after date prescribed for additional deprication.
Wheather the generation of electricity is treated as manufacturing of article or thing as prescribed in sec of Add. dep.
can assessee claim add . dep on plant & machinery.
plz reply with sec and case law if any
Regards,
ca.Akhil
if the same co. Purchase any plant & machinery after date prescribed for additional deprication.
Wheather the generation of electricity is treated as manufacturing of article or thing as prescribed in sec of Add. dep.
can assessee claim add . dep on plant & machinery.
plz reply with sec and case law if any
Regards,
ca.Akhil
15 September 2010
Yes, the power generating company can claim additional depreciation ( 20%) on palnat & machinary. [ Sec 32(iia)]
Secondly, Electricity is movable property though it is not tangible. It is goods.
Secondly, Electricity is movable property though it is not tangible. It is goods.
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