Depreciation
This query is : Resolved
19 May 2010
Dear Frineds, I have the following query
Company “A” sells one of it’s undertaking on slump sale basis to another company “B” on the close of business hours of 31.03.2010. Can Company “A” claim depreciation on the assets sold in slump sale for the entire period of FY 2009-10.
Company “A” sells one of it’s undertaking on slump sale basis to another company “B” on the close of business hours of 31.03.2010. Can Company “A” claim depreciation on the assets sold in slump sale for the entire period of FY 2009-10.
19 May 2010
As Per Sec 32 of Income Tax Act where any asset is sold the entire sale consideration has to be deducted from relevant block irrespective of the period of sale.
on that remaining balance only we have to calculate depreciation.
So in my opinion no depreciation has to be claimed by A company for 2009-10
on that remaining balance only we have to calculate depreciation.
So in my opinion no depreciation has to be claimed by A company for 2009-10
19 May 2010
Thanks kishor
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