A company has continious block of asset (Car). It has purchased a car of 8 lac on 8th May 2011 and sold the same on 8th Dec 2011 at 7.5 Lac. Will company get Dep benefit as per block concept of IT Act.
The car cease to exist from block on 31st Mar 2010 & block got enhanced by 50K only.
Thanks,
Niranjan
9740327200
in your case short term capital loss of rs. 50k will be come.
COMPANY CAN NOT GET BENIFIT OF DEPRECIATION.
Yes, as per companies act depreciation shall be calculated for the period.
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