Section 32ac clarification
This query is : Resolved
04 December 2014
This is regarding clarification on deduction u/s section 32AC.
The company purchased a asset worth Rs. 1 crore in March'13 (Financial year 2012-13) and installed and capitalized the same in the month of May'13 (Financial year 2013-14). Whether that investment will qualify for deduction under section 32AC?
Further if the same is allowed as deduction is there any legal backing for the same.
The company purchased a asset worth Rs. 1 crore in March'13 (Financial year 2012-13) and installed and capitalized the same in the month of May'13 (Financial year 2013-14). Whether that investment will qualify for deduction under section 32AC?
Further if the same is allowed as deduction is there any legal backing for the same.
04 December 2014
the ans is yes allowed to do so..........
http://taxguru.in/income-tax/investment-allowance-section-32ac.html
http://taxguru.in/income-tax/investment-allowance-section-32ac.html
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