Friends assist me for the following issue,
One of our client strated business during the year 2012-13 with the amount invested in factory building Rs.25 lakhs and machinery Rs.40 lakhs. But he did not claimed depreciation for the respective A.Y in return. Now while file return for the A.Y 2014-15. he wishes to cliam. So, what suould be the WDV i.e the original cost of asset? or Notional WDV
Hii,
Under section 32. depreciation is deemed to be allowed, if the assessee not claimed in ITR. Since you are requested to compute depreciation on notional WDV as at 01.04.2013. Regards
agreed with above answer.
agree with above
He can file return for AY2013-14 till 31/03/2015 and can claim the depreciation. The unabsorbed depreciation can be carried forward to subsequent years.
Thank u friends
CAclubindia
