can anyone help me regarding the treatment of fixed assets purchased in earlier year but ommited to be recorded in books of accounts. The company now wants to rectify the error and records the assets in the current F.Y. being fixed assets debit to creditors.
Now my query is what will be the treatment of depreciation in accounts and in income tax?
Will the depn relating to earlier years i.e. prior period depn allowable as per income tax?
CAclubindia
