Wdv

yes you should

Hai,

According to opinion given by ICAI expert advisory committee in Whittle Anderson Ltd. v CIT (79 ITR 613), if the asset is plant & machinery and, it is installed and is fit for use, then depreciation should be provided. Otherwise provision for depreciation is not necessary.

However, according to accepted accounting principles, depreciation also arises out of efflux of time, hence, on has to keep in mind the type of asset too.