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Depreciation and capital gain
Whether AO can deny to add assets to business a/c evenif it was used for business purpose, if -1) depreciation is not claimed and 2) such asset was not shown in business account earlier.This asset was sold afterwards......
Replies (1)
If you such an instance then it could lead to several other problems.
It such an asset is used for business what is the source for buying the asset ?
If you have a valid source then why was it not introduced in the business.
You will have to put up a strong arguement to get it in your favor
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