Hi, I had a P & M which I brought few years back and I used and put to depreciation.
For Last few year, I shut down my business but still have P & M. The company is not found up but carrying on different business which does not require this m/c
Can I claim depreciation on this machine??
For Allowability of Depreciation Sec.32 requires the use of asset for the pupose of business.
In your case since the machine is not required for carrying on the new business, the claim will not be allowed
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