put to use
This query is : Resolved
CA.NAKUL GUPTA
(Querist)
09 February 2009
what is put to use in respect of asset in income tax act?
some authors say it is as a actual use and some says as ready to use .
some give ref. to Bombay high court case ref. of dinesh chand gulabh kapoor?
i am confused .please clarify?
some authors say it is as a actual use and some says as ready to use .
some give ref. to Bombay high court case ref. of dinesh chand gulabh kapoor?
i am confused .please clarify?
CA. B.SRINIVASULU
(Expert)
09 February 2009
The asset should have used for business.
For eg you have purchased machinery and received at your factory. It should have been set up there and commissioning and production should have been started.
Car - You have taken delivery from show room on 31-3-2008 at 10.30 PM. How would you prove that it has been put to use for businees within 1.30 Hours in night.
Because the depreciation can be claimed on assets put to use.
For eg you have purchased machinery and received at your factory. It should have been set up there and commissioning and production should have been started.
Car - You have taken delivery from show room on 31-3-2008 at 10.30 PM. How would you prove that it has been put to use for businees within 1.30 Hours in night.
Because the depreciation can be claimed on assets put to use.
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