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depreciation on revaluation

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2010 Depreciation on revalued assets which are take over from partnership firm is allowed as per income tax act or not?
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
03 December 2010 why it won't be??? I mean, taken over in what sense, a retiring partner takes away the asset or when a partnership is sold to a company??? In above case, depreciation is allowed on taken over, i.e agreed value (as per my view) of an asset....
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
03 December 2010 Under the head business / profession , Depreciation is allowed, if the block exist.
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Querist : Anonymous

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Querist : Anonymous (Querist)
03 December 2010 thanx for reply, but i need documentary evidence to show to officer...
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