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Depreciation

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(Querist)
23 November 2010 If the asset is acquired in the starting of year and NOT USED for the full year. Is depreciation is allowable at the end of that year as per both Companies Act 1956 and Income Tax.
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CA.Madhusudan B.P.

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CA.Madhusudan B.P. (Expert)
23 November 2010 If not out to use, you cannot claim depreciation.
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G.SARAVANA KANNAN

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G.SARAVANA KANNAN (Expert)
23 November 2010 Depreciation can be made due to decline in value of asset,Obsolescence,technology upgradation like situation. Because an asset can be considered as used like standby powerunit, standby machinery. These assets may not be used during whole year, but kept ready to use as and when required by the business unit/factory. Depreciation can be provided for not used/unused/idle asset too.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
23 November 2010 Depreciation in Income Tax will be allowed when asset is put to use. If Machinery has been acquired but not put to use, no depreciation will be allowed.
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