Section 32 read with as-6
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2014
As per Companies Act and AS Depre can be claimed from the Date READY TO USE, but at the same time TRIAL and RUN Expenses are Capitalised. WHICH RESULTS INTO CALCULATING DEPRE FROM THE DATE OF COMMERCIAL PRODUCTION
Where as in Income Tax Act there are various judgements saying Depre can be Claimed during the period of Trial production.
If that is the Case than HOW PUT TO USE CAN BE EARLIER THAN READY TO USE..?
Where as in Income Tax Act there are various judgements saying Depre can be Claimed during the period of Trial production.
If that is the Case than HOW PUT TO USE CAN BE EARLIER THAN READY TO USE..?
Rupesh Jain
(Expert)
19 April 2014
READY TO USE MEANS:
YOU CAN RUN PRODUCTION PROCESS IT MAY COMMERCAIL OR IT MAY TRAIL RUN.
UNDER INCOME TAX DEPRECIATION ALLOW WHEN MACHINE READY TO USE.
UNDER COMPANY ACT WHEN YOIU START COMMERCIAL RUN THEN YOU CALIM THE DEPRECATION.
UNDER BOTH ACT SAME MACHINE DATE OF DEPRECIAL WILL DIFF-2.
YOU CAN RUN PRODUCTION PROCESS IT MAY COMMERCAIL OR IT MAY TRAIL RUN.
UNDER INCOME TAX DEPRECIATION ALLOW WHEN MACHINE READY TO USE.
UNDER COMPANY ACT WHEN YOIU START COMMERCIAL RUN THEN YOU CALIM THE DEPRECATION.
UNDER BOTH ACT SAME MACHINE DATE OF DEPRECIAL WILL DIFF-2.
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