Anmol Gupta (Article) (38 Points)
12 July 2013Respected Sir/Madam,
If an assessee purchased a new plant and machinery during the previous year (2012-2013) and sold before 31/March/2013 then can the assessee claim additional depreciation?
As u/s 32(1)(iia) its written installed the new plant and machine...
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 13 July 2013
Opening WDV - Plant and Machinery
Add New Asset
Less Sold Asset
Less Dep (incld addl depreciation)
Closing WDV
Notes:
1. Additional Dep is allowed
2. If the asset sold is the only asset in block then capital loss u/s 50 would have to be calculated
3. Asset should have been put to use
If the above conditions are fulfiiled then all is allowed.
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 13 July 2013
yes it is allowed, even if asset is sold in 1st yr of purchase
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