If an asset is purchased and the same is not used for the financial year, should the company charge the depreciation and the reason for the same

In this case, we will consider that asset which is not used in the financial year but depreciation  will not be considered.

Yes, we will charge depreciation on that asset which is not used in financial year because after some some time its value will be reduced by obsolescences.

As per income tax law can not claim depreciation but as per company act we can claim it. If assets are machinery & it is ready to use but not used during period we can claim for depreciation because machinery is ready for use & company have certificate & bills for installation of machinery.

Regards
Suresh