Depreciation for undisclosed asset
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 October 2017
An assessee who comes under tax audit as per section 44 AB has not shown his assets which was purchased in previous AY in the accounts and so not claimed depreciation. This year he wants to show those assets under purview of the income tax act and wants to claim depreciation in order to reduce tax. Now the form 3CD asks for date of purchase for addition if he tries to show his assets as addition in this AY. How can he deal in this situation?
22 October 2017
Than how the assessee has treated the cash outflow in books of accounts
22 October 2017
As per me assessee has one option left than he can show the asset has been purchased in Previous AY but the Asset is put to use in Current AY
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