Additional Depriciation is allowed or not
This query is : Resolved
30 November 2007
Our cliant is going to start a business of Oil Exporting, for this thay are purchasing a machinery of rs. 5000000 but our business will be set up after 2 or 3 year, can we claimed additional dep.?
If yes than in which year?
If yes than in which year?
30 November 2007
ADDITIONAL DEPRECIATION IS AVAILABLE IN THE YEAR IN WHICH THE NEW PLANT AND MACHIBNERY IS FIRST PUT TO USE.
R.V.RAO
R.V.RAO
Debasish Mohanty
(Expert)
30 November 2007
Additional dep. will be allowed for the new plant and mech. used for manufacturing , so in this case additional depeciation can not be claimed as the machinery is not uased for manufacturing.The additional depreciation can be claimed inthe year i which the macinery will be used for production.
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