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Depreciation

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(Querist)
20 September 2009 Machinery was not in use so depreciation was not taken, is it right ?

Is Depreciation can be taken next year ?

Is there any liability or any type of penalty for not providing depreciation ?
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CA. Anoop Gadia

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CA. Anoop Gadia (Expert)
20 September 2009 If machinery intended to be used than depreciation should be taken.

depreciation cannot taken next year.
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CA Binal Shah

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CA Binal Shah (Expert)
21 September 2009 Following are the conditions to claim depn.

CONDITIONS:

(A) The assessee must be the owner of the asset.

(B) It must be used during the previous year for business.

(C) Allowed on tangible and intangible assets

Hence if asset is not used no depn is to be claimed and there is no liab or penalty for not claiming depn under IT act,the prov is that if assessee wants to claim depn its to be claimed as per the prov of IT act. Further if in the following years assets are being used, depn can be claimed for that year. No matter in the pr. yr. depn was not claimed coz it was not used.

Hope u r cleared now.....
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