Depreciation on Asset destroyed by fire
This query is : Resolved
Amit Raval
(Querist)
02 October 2010
if an company has one plant installed on 30-12-2008 for15,00,000 & the same plant was destroyed in Sept, 2009, and gets insurance claim of10,00,000 then the company will get depr. for the accounting year 2008-2009 i.e. ok but Company Can Claim depr, for accounting year 2009-2010 ? & what is Short term Capital Gain ?
the company has only one plant. & no other asset in that block
the company has only one plant. & no other asset in that block
02 October 2010
No depreciation for 09-10 but a short term capital loss of Rs. = WDV on 01.04.09 - 1000000
CA Amit Joshi
(Expert)
02 October 2010
No Depreciation.
CA. Praveen Narayan
(Expert)
02 October 2010
In ma opinion Punit is correct.Depre is available only if, there is an asset in th block and it shd `ve some value. So, no depre in 2nd yr. Short term cap loss ( depreciable asset)can b claimed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
