depreciation on revaluation
This query is : Open
Querist : Anonymous
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?
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....
03 December 2010
Under the head business / profession , Depreciation is allowed, if the block exist.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2010
thanx for reply, but i need documentary evidence to show to officer...
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