Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2011
Sir,
What was the correct case law in which depreciation specifically allowed compulsory/mandatory?
Please specify the name of case law?
Help me.......
What was the correct case law in which depreciation specifically allowed compulsory/mandatory?
Please specify the name of case law?
Help me.......
12 December 2011
As per explanation 5 to section 32(1)(ii) depreciation claim is not optional it is mandatory.
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 December 2011
Please mention the name of correct case law...
13 December 2011
if section in the IT act cleary states depreciation is mandatory to claim...then waht is use of case law...because Interpretation of sec 32(1)(ii) not ambigious...
13 December 2011
Until 31st March 2001, a taxpayer could choose whether or not to claim depreciation. From 1st April 2001 onwards, however, the claim of depreciation is no longer optional and the amount of depreciation will be compulsorily treated as deduction, irrespective of whether or not the claim has been made.
For the position up to 31/03/2001 the following case law, among others, may be referred to.
CIT Vs. Kerala Electric Lamp Works Ltd [2003] 129 Taxman 549 (KER.)
For the position up to 31/03/2001 the following case law, among others, may be referred to.
CIT Vs. Kerala Electric Lamp Works Ltd [2003] 129 Taxman 549 (KER.)
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