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Depreciation - Related Issues 1.1 Section 32: Depreciation allowance  Portion of that cost of a fixed asset which is allocated to a particular accounting year is called depreciation. The main intention to provide depreciation allowance is to provide a fund which equals the value of the asset which has depreciated by normal wear and tear.  An asset (movable or immovable) must be owned by the assessee and used for the purpose of business or profession. It is not necessary that assessee should be a registered owner. Full contr

Direct tax case law for CA, CMA,CS

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Topics covered are Depreciation allowance, block of assets, unabsorbed depreciation etc