09 August 2012
AN ASSET PURCHASED IN 2011-12 PUT TO USE IN 2011-12. CAN I POSTPONE THE CLAIM FOR DEPRECIATION AND START CLAIMING DEP. FROM SECOND YEAR.? I NEED SOME DECIDED CASE LAWS TO SUPPORT POSTPONING DEPRECIATION TO NEXT YEAR.
09 August 2012
BUT I AM DESPERATE TO POSTPONE CLAIMING DEPRECIATION. IS THERE ANY WAY OUT.? THANKS..
AND , AT THE MAX, THE A.O. CAN ALLOW DEPRECIATION IF THE CASE IS UNDER SCRUTINY.? WHAT IS THE MAXIMUM LOSS POSSIBLE OTHER THAN THAT IF I DONT CLAIM DEPRECIATION ??
13 September 2012
Whether Dep is claimed or not AO has to allow Depreciation.If you desparatly want to postpone it, which is not judicial accounting practice, then you may do like this. I fyou want to avail the depreciation after three years(say), calculate WDV of the asset as if depreciation allowed from the year asset put to use,and arrive at the Depreciation for that year.
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