Depreciation on Assets

Sampurna Nand Awasthi (ACCOUNT OFFICER) (33 Points)

03 December 2010  

Situation- A machinary is purchased on 01.04.2010 and it is put to use on 01.11.2010.

My Querry- what depreciation shall be allowed both under companies Act as well as Income tax                       Act.? Further- under companies act depreciation will be calculated from 01.04.2010                         (Date of acquisition) or from 01.11.2010(Date of put to use).