Machinery

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Mitesh (Querist)
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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.

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Querist)
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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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