Hi Malhar
In new companies act method of depreciation is not defined. Only following definition is given:
Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. The useful life of an asset is the period over which an asset is expected to be available for use by an entity, or the number of production or similar units expected to be obtained from the asset by the entity.
So as per our auditor both methods are valid. As we were having WDV method of depreciation until now, we need to continue the same.
Thanks & Regards
Shripal Bhavsar