Asset damaged by fire
Querist : Anonymous
The block wdv was 167670/- as on
1/4/2015 and this block is consist only one
Asset however the said asset has been
Damaged due to fire as on 16/8/2015, also was not insured,
Query...1) weather dep as per IT will be charge
for AY 2016-17 or not if yes on which value..2)
How much dep. Will be charge weather 15%
Or 7.5%
Thanx & Regard
Raj kumarm
Querist : Anonymous
that dep is allow unless the block (asset)
2. If under repair, can be depreciated at full rate. Inference :- CIT Vs. G.N.Agrawal 75 Taxman 30 (Bom).
Querist : Anonymous
damaged not in condition to be repair
Hence the entire wdv will be debited in
profit & loss account and while computing
income it has be added back...
However No dep. Is allow if no any other
assets left in the block..
Pls clarify is this correct treatment...
Querist : Anonymous
One asset was in the block which has been
Completely damaged by fire also not in
Condition to be repair in this case
As per my knowledge the entire wdv will be
Debited in profit & loss a/c and while
Computing income it would be added back.
Your view pls...
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