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Depreciation

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(Querist)
29 September 2010 ABC Pvt Ltd follows Depreciation as per Income tax act.

The Company has incurred loss on sale of an asset (block of asset exists after the sale) and such loss is shown as an expense in its Profit & Loss a/c.The same has been disallowed in the IT Computation.

Can the Company treat the loss as above though it has not followed the depreciation as per Companies Act??

Pls clarify.
Thanks in Advance
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
29 September 2010 If the depreciation rates adopted are not less than the rates prescribed in schedule XIV of the Companies Act,1956 there is no violation of schedule VI of the said act.In that case, your treatment and disallowance is correct subject to a correct working of depreciation considering section 43(6)(c)(B) of the IT Act,1961 for claiming deduction under section 32 of the said act.
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