Depreciation & interest paid claimed in P&L

A proprietor purchased a Machinery costing about 45 lakhs by taking loan from bank. He used the Machinery for manufacturing purpose. He paid EMI to bank around Rs.7 lakh as interest and 1 lakh as principal repayment during the financial year. While preparing Profit & Loss A/c., can he show the depreciation amount on machinery & interest paid amount as expense in the P&L. Please reply