Question ID :
44929
082701
A cooprative society is not maintaining proper Fixed assets register but approximate depreciation amount is being debted to profit and loss account. In ITR depreciation debted in added to net profit and Net profit increases As Exact depreciable amount is not available Fixed assets details are not being filled in ITR to get allowable deduction of Depreciation Can Deductionb under sec 80 P be increased to bring taxble profit as nil or tax has to be paid on depreciation amount debted treating alloawable depreciation as nil
Posted by
Mahesh Kumar
on
Oct 26, 2025
Filed Under
DIRECT TAXES
If exact depreciation cannot be determined and claimed, allowable depreciation is treated as nil.
The cooperative society cannot increase the deduction under Sec 80P to nullify this — tax is payable on the increased profit.
Posted by
CA. SURAJ KUMAR CHOUDHARY on
Oct 26, 2025