I just checked an assessee did not claim depreciation on Goodwill. Is it mandatory to claim depreciation on Goodwill or any other asset. If yes, how an assessee can get benefited in income tax by not claiming depreciation.
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Is it mandatory to claim depreciation
Replies (3)
yes it is mandatory to claim depreciation as per explanation 5 to sec 32. no other option.
If you forgot to claim depreciation you may file s revise return if opportunity is there. Further you may also file your claim of depreciation in assessment proceedings if the case is selected for scrutiny
If you forgot to claim depreciation you may file s revise return if opportunity is there. Further you may also file your claim of depreciation in assessment proceedings if the case is selected for scrutiny
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