Claim of depreciation - capitalisation being pre-commencement ...
Depreciation Claim Approved: Pre-Commencement Rent and Expenses Capitalized u/s 32 of Income Tax Act.
September 25, 2021
Case Laws Income Tax AT
Claim of depreciation - capitalisation being pre-commencement rent and other expenditure incurred - Section 32 of the Act allows depreciation on actual cost of the asset, which means the actual cost to the assessee. This cost should be construed in ordinarily commercial manner. AS-10 regarding "accounting for fixed assets" issued by the ICAI specifies the components of cost of a fixed asset. - the expenses incurred by the assessee are required to be capitalised - Claim allowed - AT
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