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Rate of depreciation on machinery purchased on 31/03/2007
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....ate of depreciation on machinery purchased on 31/03/2007<br> Query (Issue) Started By: - RAJESH DHANDA Dated:- 24-3-2010 Last Reply Date:- 26-3-2010 Income Tax<br>Got 2 Replies<br>Income Tax<br>i purc....
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....hased a machine from delhi on 31/03/2007. the machine was delivered on 31/03/2007. the case was selected for assessment u/s 143. the assessment was completed in due course . during audit , the ito (au....
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....dit ) has raised a point that if the machine was purchased on 31/03 from delhi , how it can be put to use on 31/03 itself. i have claimed half rate of depreciation on that machine . advise Reply By R....
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....ama Krishana: The Reply: This is question of fact. The statutory provisions of section 32 regarding depreciation makes is mandatory that assets on which deprecation is claimed must be put to use. Sinc....
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....e you have purchased the machinery and got the same delivered as on 31.3.2007, the AO has suspected that how could u put the same to use on the same day. Therefore, it is the facts and circumstances o....
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....nly which would help you. Reply By RAJESH DHANDA: The Reply: i know very well that in a case it is very well settled that even if the asset is ready to put to use and it has not been actually used , ....
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....even then depreciation can be claimed<br> Discussion Forum - Knowledge Sharing ....