Revenue expenditure treated as capital expenditure by it ao
This query is : Resolved
kabeer naidu
(Querist)
28 March 2012
1) Company claimed Rs 20 lacs as revenue expenditure
2) IT Assessing Officer disallowed the same treating as capital expenditure in AY 2005-06 (He had given Rs 2 lacs as depreciation allowance in same AY 2005-06)
3) This case came in favor of IT AO in AY 2010-11
Now QUERY IS ;-
Is company can claim Rs 12 as depreciation allowance while filling the return in AY 2012-13 ( 6X2)
2) IT Assessing Officer disallowed the same treating as capital expenditure in AY 2005-06 (He had given Rs 2 lacs as depreciation allowance in same AY 2005-06)
3) This case came in favor of IT AO in AY 2010-11
Now QUERY IS ;-
Is company can claim Rs 12 as depreciation allowance while filling the return in AY 2012-13 ( 6X2)
CA. RAGHAV GARG
(Expert)
29 March 2012
No Kabir,
As per Sec 32, you cann't claim deduction of more then 10% on Furniture(assumed being 10%allowed by AO).
You can only revise two year Returns and claim depreciation, but you can nowownwards charge depreciation on WDV of Rs. 18Lacs.
As per Sec 32, you cann't claim deduction of more then 10% on Furniture(assumed being 10%allowed by AO).
You can only revise two year Returns and claim depreciation, but you can nowownwards charge depreciation on WDV of Rs. 18Lacs.
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