10/01/2019
DISALLOWANCE 0F DEPRECIATION Depreciation is disallowed in the following cases :-
1. For the assessment years 1971-72 to 1997-98, no depreciation is allowed under section 37(4) In respect a building used as a guest house. Any asset used therein also does not qualify for depreciation allowance.
2. Where a car is used otherwise than in a business of running it on hire for tourists :
a. depreciation is not allowed on the excess of the actual cost over Rs. 25,000 if the car is acquired, after _ March 31, 1967 but before March 1, 1975; and
b. depreciation (including terminal depreciation) is wholly disallowed if the car is a foreign car and has been acquired after February 28, 1975 but before April 1, 2001 (depreciation is available if a foreign made car ' is acquired after March 31, 2001).
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