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TMI BlogRate of depreciation on machinery purchased on 31/03/2007X X X X Extracts X X X X X X X X Extracts X X X X ..... i purchased 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ito (audit ) 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 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By Rama 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to use. Since 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 cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances only 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actually used , even then depreciation can be claimed - Rate of depreciation on machinery purchased on 31/03/2007 - Query Started By: - RAJESH DHANDA Dated:- 24-3-2010 Income Tax - Got 2 Replies - In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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