depreciation when assets sold without consideration
This query is : Resolved
15 October 2008
If the WDV block of assets as per the Income TAx assets as on 1.4.07 is 10 lacs
out of it I transfer 9 lacs on 31.3.08 to my parent co.(fm whom the assets were purchased) WITHOUT ANY CONSIDERATION. so now as per s. 50 i shall continue to get dep on 10 lacs.
Do you have a case law whereby dep was not allowed on the entire 10 lacs ie to say a contrary view?
because this can be taken advantage of by donating assets post usage to group comapnies.
out of it I transfer 9 lacs on 31.3.08 to my parent co.(fm whom the assets were purchased) WITHOUT ANY CONSIDERATION. so now as per s. 50 i shall continue to get dep on 10 lacs.
Do you have a case law whereby dep was not allowed on the entire 10 lacs ie to say a contrary view?
because this can be taken advantage of by donating assets post usage to group comapnies.
16 October 2008
Make the question more clear.
I transfer-- ?
Parent co.-- ?
Donating -- ?
I transfer-- ?
Parent co.-- ?
Donating -- ?
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