You need to take the cost of the assets and calculate depreciation from the date of put to use. Even if tax audit was not applicable that time, depreciation had to be calculated.
Posted 2 years, 11 months ago by CA Pulkit Sharma
Whether Tax audit is done or not should not affect the applicability of Depreciation. As per Section 32(1) Depreciation even if not claimed by assessee the depreciation is to be allowed. (from AY 2002-03).
In your case make the WDV workings from the Assessment year the assets were purchased and provide depreciation as per Income Tax Act.
Again for the current year provide depreciation on opening WDV arrived.
Posted 2 years, 11 months ago by Rahul Rai
Thanks rahul rai and pulkit
Posted 2 years, 11 months ago by Vedanta Deshika
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