Allowance of depreciation
This query is : Open
18 March 2013
I have query regarding allowance of depreciation on amount of disclosure as an fixed assets during the course of survey.Details are :
-During the course of survey on assessee,ITO find extra amount of Rs. 50 lacs paid to builder for purchase of business office.
-For that assessee disclosed that amount as in addition in office/ fixed assets.
Now my query is that assessee can claim depreciation on that addition of Rs. 50 Lacs or not. And kindly provide link of any case laws if you have?
-During the course of survey on assessee,ITO find extra amount of Rs. 50 lacs paid to builder for purchase of business office.
-For that assessee disclosed that amount as in addition in office/ fixed assets.
Now my query is that assessee can claim depreciation on that addition of Rs. 50 Lacs or not. And kindly provide link of any case laws if you have?
18 March 2013
If ITO accepts such addition to fixed assets then depreciation shall be allowed. As per Provisions depreciation needs to be allowed while making assessment.
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19 March 2013
Have you any case law for the same issue.
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