My one client business of wholesale business in fruits since last 15 years. On 1/5/2011 he has purchases machinery for the purposes of Cold Chain Facility for self business and not any other purposes. His total income is taxable u/s 44AD.
My question is can he take deduction u/s 35AD or not? When he is not taken deduction u/s 35AD in that case what rate depreciation calculated, also when depreciation is calculated @ 100% rate in that case client taken loss then sec. 44AD is not applicable and audit is taken compulsorily ?
CAclubindia
