Depreciation
This query is : Resolved
16 February 2010
whether provision of dep. is compolsory or optional as per co act and IT ACT. ?
16 February 2010
In the case of CIT Vs Mahendra Mills (2000) 243 ITR 56 supreme court held that the claim of depreciation as optional. The Finance Act 2001 inserted explanation 5 to Section 32 (1) to provide that the depreciation has to be allowed whether or not the assessee has claimed the same. Hence, depreciation is a mandatory allowance now effective from the assessment year 2002-03.
16 February 2010
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