14 October 2008
We have purchased 20 machines from USA in the last 2 years for 10-12 lakh each from shutdown units. The actual cost of each these units today is approx. 90 lakhs new. Can we revalue these machines and claim depreciation on the revalued amount and will Income Tax allow this?
14 October 2008
While revaluation is your prerogative, the Income tax department will recognise actual cost incurred by you only and not the revalued figure.
CAclubindia
