Search Results For: Depreciation- Depreciation on income assessed under other sources – S. 57(ii)

Depreciation on income assessed under other sources

QUERY: The main object of the company is to carry on the business of the construction. However, construction business was not carried on. The querist has purchased the wind mill and received the charges for use of electricity. Whether income can be assessed a business income or income from other sources. If income is assessed as income from other sources, the depreciation is allowable?
ANSWER: Click here to read the full answer of the expert

From the fact, it is clear that the company has not started construction business but received electricity charges by letting out wind mill; which is presumed to be not business of the company.

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