Depreciation 32(iia)
This query is : Resolved
CA Rohit Garg
(Querist)
23 February 2011
1.)A ltd purchased machine from japan in march 2006.
2.)invoice is of march 2006
3.)machinery received in april 2006 and the assessee entered the machinery in the books on april 2006 and claimed additional depreciation in 2006-07.
4.)bill of entry is of april 2006 but invoice is of march 2006
5.)put to use in april 2006
6.)what shold be the date of acquiring as the AO is not allowing the depreciation in 2006-07.
2.)invoice is of march 2006
3.)machinery received in april 2006 and the assessee entered the machinery in the books on april 2006 and claimed additional depreciation in 2006-07.
4.)bill of entry is of april 2006 but invoice is of march 2006
5.)put to use in april 2006
6.)what shold be the date of acquiring as the AO is not allowing the depreciation in 2006-07.
24 February 2011
The AO is right in disallowing the depreciation.
The date of put to use is vital instead of date of acquiring to claim the depreciation.
In your case, the date of put to use in the month of April,2007. You can claim depreciation for A.Y.2007-08.
To claim the depreciation for A.Y. 2006-07, the date pf Put to use shall be before 31.03.2006, which in the this is not at all possible as the bill of entry is in the month of April,2006.
The AO is right in disallowing the depreciation.
The date of put to use is vital instead of date of acquiring to claim the depreciation.
In your case, the date of put to use in the month of April,2007. You can claim depreciation for A.Y.2007-08.
To claim the depreciation for A.Y. 2006-07, the date pf Put to use shall be before 31.03.2006, which in the this is not at all possible as the bill of entry is in the month of April,2006.
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