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To avail Section 32(2) depreciation claim it’s not necessary that business carried on in following previous year
Case Law Details
- Case Name
- The Serendipity Apparels Pvt. Ltd. Vs CIT (ITAT pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
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The Serendipity Apparels Pvt. Ltd. Vs. CIT (ITAT pune))– The assessee has derived its lease rental income under the head from other sources. There is no dispute that the same is covered u/s.56(2)(iii) of the Act. This is followed by Section 57 stipulating allowability of corresponding depreciation relief u/s.32(1) & (2) of the Act. The CIT holds that the assessee’s business as it existed earlier of manufacturing is no longer in existence or the same is not being carried out in the impugned assessment year so as to claim depreciation relief u/s.32(1) & (2) of the Act. We not...
Dear Sir,
We are starting the Mfg P Ltd company, We are completed the Building work & Machinery erection work also completed before Mar 23. But production is commenced during May 23. Whether we are eligible to claim the depreciation in IT for last FY .
Please Clarify sir.
M.Senthil Kumar
sir,
please reply on nkcacs@gmail.com
query is whether it is essential to have an assets in the name of the asseessee who uses the assets is his business to have on its name?
whether any supreme court case sir?
highly appreciate your reply
Narendra K Agarwal
9833678339