The entity is private limited company and is charging depreciation as per Income Tax Act in the books of account since its inception ie. 1996. However this is not allowed as per Companies Act.
The company does not have old data which is required to get the cost of various assets and due to which it is not able to rectify the mistake.
What must be done in this case?
In case the company cannot find the cost of the assets and if you are the auditor the only remedy left is to qualify the Auditors Report.
K R Kiran Kumar & Associates
Bengaluru
CA Inter
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PARV & Co.
New Delhi
CA Inter
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CA ANOOP P K & ASSOCIATES
Kozhikode
CA Inter
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CCI
Pro
CAclubindia
