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No Revised Return Can Be Filed For Withdrawing Claim Of Depreciation

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BUSINESS STANDARD
Last Updated : Jul 16 2001 | 12:00 AM IST

Q: Ours is a partnership firm with the manufacturing unit at Mumbai where depreciation has been claimed and allowed since 1965. In the financial year, 1996-97, we established a new industrial undertaking at Daman enjoying income-tax exemption under Section 80 IA of the Income Tax Act.

We have not provided for any depreciation in respect of the Daman unit's assets for 1996-97 and 1997-98. We had sold some of the fixed assets of the Mumbai unit during 1997-98 and the excess value so realised after fully adjusting Mumbai

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First Published: Jul 16 2001 | 12:00 AM IST

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