BHARAT SHAH (C A) (21 Points)

02 July 2018  

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?