Dep as per co act n it act on assets which is ready to use

CA Pramod Jain (manager finance) (1577 Points)

23 July 2013  

Plz advice on following :

Company has purchased a ready to use flat @ pune last year 2011-12, but company has not claimed depreciation on assets neither as per co act or it act in last year 2011-12.

whether company should provide dep as per co act as per the concepts of AS - 6 and not provide dep as per sec 32 of it act (business use funda, since the assesse has not used this assets for business purpose.