Assets purchases on apporval basis
This query is : Resolved
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
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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