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Depreciation

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(Querist)
16 February 2010 whether provision of dep. is compolsory or optional as per co act and IT ACT. ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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CA Vikas Kumar Sharma

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CA Vikas Kumar Sharma (Querist)
16 February 2010 THANKS SIR
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