06 June 2009
Assessee is engaged in business of cotton trading an used Tarpaulin for covering cotton and cotton bails. please let us know rate of depreciation on said tarpaulin for A.Y.2009-10
07 June 2009
This item is in the nature of plant & machinery and you can depreciation accordingly.However, you also have to take into account the life cycle of this item and if it shorter than one year, you can claim the whole expenditure as revenue expenditure.
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