Claim of depreciation on stolen asset
This query is : Resolved
12 July 2013
Dear Expert,
We are a private limited company.
During the last financial year i.e. 2012-13, one of our Vehicle has been stolen.
Claim has be submitted to the Insurance Company.
Does in this case are we entitled to claim Depreciation for full year for said vehicle.
Also please advise, is there any requirement of disclose this theft in Audit Report by the Auditors of the Company.
Thanking you,
Mohan Saxena
We are a private limited company.
During the last financial year i.e. 2012-13, one of our Vehicle has been stolen.
Claim has be submitted to the Insurance Company.
Does in this case are we entitled to claim Depreciation for full year for said vehicle.
Also please advise, is there any requirement of disclose this theft in Audit Report by the Auditors of the Company.
Thanking you,
Mohan Saxena
12 July 2013
dep.has to be claimed till the day of steaing.depending on the materiality value & auditors consideration will be disclosed in audit report
13 July 2013
dep can be claimed from 1/4- date of theft only.
Auditors should mention it in theri report after verifying the fir and other available doc.
Auditors should mention it in theri report after verifying the fir and other available doc.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- TAN for Partnership
- Free lancer income
- REGARDING GST LIABILITY/....
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- GST ON DAMAGED GOODS
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
