It is practically found that if acquisition cost of assets is below Rs.5000/- then 100% depreciation is allowable under section 32 .can anyone intimate me in which provision of tax it has written or possible quote case law for above situation
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DEPRECIATION
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there is no provision in income tax act which machinery cost is less than rs 5000/- you will take 100% deprciation only in companies act it is allowed
thanks
ca hemant dewani
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