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Depreciation on flat which is ready for use but not used

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CA Pramod Jain

CA Pramod Jain (Querist)
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23 July 2013 Plz advice on following :

Company has purchased a ready to use flat @ pune last year 2011-12, but company has not claimed depreciation on assets neither as per co act or it act in last year 2011-12.

whether company should provide dep as per co act as per the concepts of AS - 6 and not provide dep as per sec 32 of it act (business use funda, since the assesse has not used this assets for business purpose.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 August 2013 Depreciation has to be charged as per Companies Act in view of AS 6.

Depreciation is not to be charged for Income Tax purpose.

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