Dear
Friends
Pls guide me with help of decided case laws whether my company will be entitle to claim dep on building for the period in which no busines activity was carried out ,pls note that the asset was purchsed for the use of buiness but due to some reasons business could not be done. ITO is rejecting our claim saying that if there is no buiness no dep will be allowed accordingly no carry forward of unabsorbed dep and set off u/s 72 will be allowed .
Reg
Rekha
ANY ONE IF KNOWS ABT THE SAME PLS TELL ME.......
The action of ITO is probably correct as there has been no business and correspondingly no depreciation will be allowed
hi rekha
if u will refer Depreciation section 32 it says that asset is used for purpose than depreciation will claim.
If depreciation is not charge in a year than how it will carry forward
Therefore as per view ITO is correct.
CAclubindia
