Depreciation - Cost of acquisition - depreciation to be allowed ...

Depreciation for Converted Firm Assets Based on Actual Cost Post-Revaluation, Per Income Tax Act Section 32, Rule 5.

June 20, 2023

Case Laws Income Tax HC

Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as per Section 32 r/w Rule 5 of the Act quoted above, will be entitled to claim depreciation in respect of any assets on the actual cost of the said assets. The actual cost of the said assets will be the actual cost which the assessee paid to the predecessor after revaluing the assets and certainly in our view assessee will be entitled to claim depreciation for the subsequent years on the basis of the actual cost paid. - HC

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Depreciation - Cost of acquisition - depreciation to be allowed ...

Depreciation for Converted Firm Assets Based on Actual Cost Post-Revaluation, Per Income Tax Act Section 32, Rule 5.

June 20, 2023

Case Laws Income Tax HC

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