Assets purchases on apporval basis

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altaf (Querist)
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28 November 2011 x co has purchases a machinery from z ltd for200000 on apporval basis. Now at the end year can z ltd can charge deperication on such assets which was taken on apporval basis

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 November 2011 For claiming the depreciation, ownership and cost incurred by the assessee, are two important points. In case the machine is subsequently approved then in my view, ownership starts from the day of its approval.

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altaf

altaf (Querist)
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01 December 2011 thak you very much sir

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