Depreciation sec 32

This query is : Resolved

Asawari Malhotra (Querist)
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02 July 2013 Suraj Enterprises is a manufacturing concern and has a 15% block of plant and machinery with a WDV of Rs. 15,00,000 on 1.4.2012. A new machinery belonging to the same block worth Rs. 1,60,000 is purchased on 1.9.2012. Suraj Enterprises forgets to claim additional depreciation on the said machine in the P.Y. 2012-13. Is Suraj Enterprises entitled to claim the additional depreciation in the P.Y. 2013-14 when:- A) the machinery is put to use in the P.Y 12-13 on 3.9.2012. B) the machinery is put to use in the P.Y. 2013-14 . please answer in detail.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 July 2013 The machinery is acquired (1-9-2012) and installed (3-9-2012) in PY 2012-13 hence eligibility for additional depreciation arises in PY 2012-13.

Therefore, it can't be claimed in PY 2013-14.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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05 August 2013 Yes if you have submitted your return in time for the assessment year 2012-13 then there is option with you to revise the return by claiming addtional depreciation.

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