Depreciation on plant & machinery given on rental
This query is : Resolved
24 August 2011
Respected All,
A co. had a block of Plant & Machinery in the previous financial year of Rs 3367472.00. The co. had acquired a new p & m of Rs 1082588.00 on or before 30th September & gave it on rental basis to an assessee, but depreciation had been charged Rs 505120.00(@15%) on old P&M only no depreciation charged on new p & m why?
Please reply at the earliest.
Thanks.
A co. had a block of Plant & Machinery in the previous financial year of Rs 3367472.00. The co. had acquired a new p & m of Rs 1082588.00 on or before 30th September & gave it on rental basis to an assessee, but depreciation had been charged Rs 505120.00(@15%) on old P&M only no depreciation charged on new p & m why?
Please reply at the earliest.
Thanks.
CA. Saurabh Agrawal
(Expert)
25 August 2011
for charging depreciation ownership should be of assesee. In this case Assessee has taken machinery on rental basis so he does not own the machine so he can not charge the dep. the Co from machinery is taken on rent will charge dep.
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