Question ID :
40854
Depreciation claim
Tax Auditor of a cooperative society in 3CACD has stated that in the absence of WDV at the start of Financial year of Fixed assets they are not able to calculate allowable depreciation for 2019-20 Whether while filing ITR we can also ignore depreciation to be claimed while depreciation debted has been added back to profit.
Posted by
Mahesh Kumar
on
Oct 04, 2020
Filed Under
DIRECT TAXES
You need not ignore. Update books and claim the amount of Depreciation, as per Provisions of Income Tax Act. Also, after updating the books, getting correct information, you may ask Auditor to verify the same and he can issue Revised Tax Audit Report and the same can be filed Online. If on the other hand if Auditor not convinced, you cannot claim Depreciation, as the very purpose of Form 3CD is Auditor to certify the same is to ensure correctness of Depreciation claimed by Assessee in Return.
Posted by
Rupakula Rajasekhar on
Jun 10, 2021