Section 32 DEPRECIATION IN CASE OF SUCCESSION OF BUSINESS
• Amalgamation of companies;
• Demerger of companies;
• Conversion of proprietary firm into a company (private/public);
• Conversion of partnership firm into a company (private/public);
• Conversion of private limited or unlisted public company into a LLP firm.
Treatment of Depreciation
If any of the above mentioned five situations has occurred during the previous year, depreciation shall be computed as if no such succession has taken place and the total amount of depreciation shall be apportioned between the predecessor and the successor in the ratio of the number of days the asset was used by each one of them.
• Case I: Where the asset existed on the 1st day of the relevant previous year:
The total time period shall commence on 1st April of the PY & end on 31st March of PY.
• Case II: Where the asset was put to use during the relevant previous year:
The total time period shall commence on the day when the asset was put to use and end on 31st March of PY.
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