Respected to all
Sir/Madam
I have a query about Depreciation ( one of our client not providing depreciation as per company act he is charging dep as per IT act in the books of accounts, in the F.Y 2012-13 fire occured on 13 oct 2012 and all fixed assets destroyed and having Nil book value, On 1-4-2012 WDV is 250 cror and after 13 oct value becomes NIL, now the question arises what the depreciation is to be charges for 6 month or full year and what is the treatment of remaining assets value after chaging depreciation in bookd of accounts , what is the impact on incoe tax while preparing ITR for the F.Y 2012-13 and pls kind note that company is providing DEP as per IT ACT not As PER COMpany ACT.
I hope u undersytand the Query plssend ur feedback and make me oblidge
CAclubindia
