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?

To be more specific, the answer to the given question lies in the IAS16 para55 which states that depreciation begins when the asset is available for use & continues until the asset is derecognised, even if it is idle.

Yes. Whether used or not, the machine depreciates in value over time.

Agree with Mr. Vinod <<<<<<<<<<<<<<<<<<<<

When an asset is purchased you are taking in to account  in books and depreciation has to be calculated from the date of purchase due to : 

1) Depreciation is a measure of wearing out, Consumption or other loss of value arising from use, effluxion or obsolescence of time.

2) The asset purchased and is not used for years together, don't you think that it is wearing out due to rust or becoming obsolete in today's modern technology and market changes which leads to reduce its efficiency. Then think of depreciation to provide?  

3) If you don't provide depreciation from the date of purchase, the meaning of depreciation as wear and tear due to effluxion or obsolescence of time does not holds good and you are are violating the basic meaning of DEPRECIATION.

4) The useful life of the asset is calculated from the date of purchase and recorded in books. In the same way the depreciation has to be calculated from the date of purchase whether asset is put to use or not. 

5) Hence, as per Accounting Standard issued by ICAI,  the depreciation has to be provided from the date of PURCHASE - whether the asset is put to use or not. 

6) Change in method of calculating depreciation is a change in accounting policy which has to be disclosed and qualified in periodical reports.

Agreed with Imran Adwani ...

no , idle assets not charged depreciation

if an asset is not used during the year company will not charge the depreciation. Because depreciation is the wear and tear of an asset during its use. If asset is not used then depreciation will not be charged on it during the year.

I agree with Mr. Vinod Jaitley answers

Depreciation is calculated from the time The Asset is Put into use (or placed into service). The asset's cost should be matched with the revenues earned by using the asset, i.e. depreciation must be spread out over the periods in which revenue is earned. If an asset is purchased but not yet put to use, then it is not helping to generate revenue, and depreciating the asset from date of purchase will not comply with the matching principle. Most people depreciate from date of purchase because they start using the asset from the time they purchase it, but that may not always be the case.