During the assessment proceedings of Asst. yr. 2003-04, certain expenses for Rs 1,00,000 on Air Conditioning plant claimed as revenue by us is disallowed on the ground the the amount is of capital nature and thus it is a capital expenditure.
Subsequent to appeal to Tribunal also it is held that the expenditure is of capital nature and cannot be allowed as revenue expenditure.
Now my query is:
- Can we claim the depreciation for the asst. yr 2009-10 and onwards on Rs 1,00,000?
- What will be the WDV as on 01/04/2008 for laiming depreciation on the said amount? Is it Rs 1,00,000 or (Rs 1,00,000 – Depreciation that would have been allowed for Asstt. Yr 2003-04 to Asst. yr 2008-09)?
- If WDV is Rs 1,00,000 – Depreciation that would have been allowed for Asstt. Yr 2003-04 to Asst. yr 2008-09, then Whether the depreciation for Asst. Yr 2003-04 to Asstt. Yr 2008-09 will be allowed in current Asst. yr. ie 2009-10?
- What will the effect on books of accounts where the same is charged to revenue?
- What will the effect on ( both transitional & originating ) Deferred Tax for the current Financial year ie 2008-09?
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