Assets Post-Demerger: Write Off as Loss, Not Depreciation, Says Directive to Assessing Officer.

Assets Post-Demerger: Write Off as Loss, Not Depreciation, Says Directive to Assessing Officer. https://www.taxtmi.com/highlights?id=66925 Disallowance of depreciation - Demerger - the value of the assets has to be written off this year and to be claimed as loss in the statement of income (instead of depreciation). Therefore, we are inclined to direct the Assessing Officer to treat the opening balance of the assets to the extent of assets, which was already transferred to the demerged company as loss of assets or discarded. - AT en-us Mon, 05 Dec 2022 17:28:52 +0530 Mon, 05 Dec 2022 17:28:52 +0530 TaxTMI RSS Generator Assets Post-Demerger: Write Off as Loss, Not Depreciation, Says Directive to Assessing Officer. https://www.taxtmi.com/highlights?id=66925 Disallowance of depreciation - Demerger - the value of the assets has to be written off this year and to be claimed as loss in the statement of income (instead of depreciation). Therefore, we are inclined to direct the Assessing Officer to treat the opening balance of the assets to the extent of assets, which was already transferred to the demerged company as loss of assets or discarded. - AT Highlights Income Tax Mon, 05 Dec 2022 17:28:52 +0530 https://www.taxtmi.com/highlights?id=66925