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depreciation
is it Mandatory to claim depreciation on fixed assets for the running business. If a person is not claiming depreciation on his assets in his books then is his audited books of accounts are valid as per I.T. Act.
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it is mandatory for claiming depreciation on fixed assets u/s 32 for running business
what r d consequences as per IT Act for not claiming depreciation ?
go through ( case :Ibi Kellogg India (P) Ltd. vs Ito on 24 April, 2006) read with Explanation 5 to Section 32
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