Depreciation treatment if asset was not used during p.y
This query is : Resolved
27 September 2014
if the asset is not used since last 3 years what will be the treatment of depreciation as per companies act and income tax act.
27 September 2014
Depreciation will allowed once asset is put to use even if afterwards the asset remain unused.
Nikhil Kaushik
(Expert)
27 September 2014
Sanjay, will the treatment will be same under Companies Act too?
27 September 2014
Yes. Since there is no provision to charge depreciation based on utilization of Asset. I may be corrected if there is any provision in this regard.
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