https://www.taxtmi.com/article/detailed?id=126 Depreciation is allowable only for assets owned and used or kept ready for use during the previous year; timing of purchase, delivery, installation and lawful permissions determines entitlement to full or reduced deduction. Assets requiring registration, licences, or installation must have those prerequisites satisfied before the critical date. Contemporaneous documentary and circumstantial evidence-temporary permits, registrations, managers' certificates, utility consumption, production records or service bookings-are necessary to establish readiness and rebut suspicion of last minute purchases made to claim higher depreciation. en-us Thu, 31 Jul 2008 00:00:00 +0530 Sat, 07 Mar 2009 12:16:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=126 Depreciation is allowable only for assets owned and used or kept ready for use during the previous year; timing of purchase, delivery, installation and lawful permissions determines entitlement to full or reduced deduction. Assets requiring registration, licences, or installation must have those prerequisites satisfied before the critical date. Contemporaneous documentary and circumstantial evidence-temporary permits, registrations, managers' certificates, utility consumption, production records or service bookings-are necessary to establish readiness and rebut suspicion of last minute purchases made to claim higher depreciation. Articles Income Tax Thu, 31 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=126