Saturday 5 April 2014

Beneficial ownership of assets is sufficient to claim depreciation even if it's not followed by regi

IT/AAA : Where in terms of order of Governor of Rajasthan all assets and liabilities of a Government concern were transferred and incorporated in books of assessee-society, since assessee-society was actually using assets in its own right as an owner on and from date of order of Governor, it was entitled to depreciation on assets so transferred


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