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Machinery

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27 April 2015 A partnership firm provides machineries to their dealers against interest free deposit. and will take that machine after end of business relation. Now what about depreciation, Service tax.
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CA ANILKUMAR B.COM FCA DISA

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CA ANILKUMAR B.COM FCA DISA (Querist)
27 April 2015 As per Sec. 32 , there are twin requirements for depreciation. One is ownership and other is use in the business. It need not be used by the assesee in his business . Also ownership is not transferred. Hence the assessee can claim depreciation. U can refer court decision in the case ICDS Ltd vs CIT.
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