Whether deduction can be claimed?
This query is : Resolved
Preety Israni
(Querist)
01 December 2012
Can expenses be claimed against an asset which has been written off completely from the books but is physically present with the assessee?
01 December 2012
yes if it is revenue in nature then cliam as Repairs and Maintenance.
if it is capital in nature then create an asset equivalent to expenses.
capital in nature :
1.increase in life
2.permanant reduction in operating cost
3.increase in production capacity etc.,
if it is capital in nature then create an asset equivalent to expenses.
capital in nature :
1.increase in life
2.permanant reduction in operating cost
3.increase in production capacity etc.,
Pankaj Gupta
(Expert)
01 December 2012
Yes, expense can be claimed as deduction . But it should be a revenue expenditure.
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