CBDT Circular on Section 32 Of The Income-Tax Act, 1961 – Depreciation – Allowance/Rate Ofdepreciation On Assets Acquired Under The Hire-Purchase Agreement – Conditions Subject To Which It Is To Be Allowed

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SECTION 32 OF THE INCOME-TAX ACT, 1961 – DEPRECIATION – ALLOWANCE/RATE OFDEPRECIATION ON ASSETS ACQUIRED UNDER THE HIRE-PURCHASE AGREEMENT – CONDITIONS SUBJECT TO WHICH IT IS TO BE ALLOWED CIRCULAR : NO. 9 [R. DIS. NO. 27(4)-IT/43], DATED 23-3-1943 The following instructions are issued for dealing with cases in which an asset is being acquired under…

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