The Hon’ble Supreme Court in Mahendra Mills (supra) has laid down that the assessee is entitled to exercise his option even through the filing of revised return and that option cannot be denied to him nor can depreciation be thrust on the assessee against his willingness.

The learned CIT(A) on proper examination of evidences and material rightly came to the conclusion that software is intangible asset and was loaded in the system of machine. The learned CIT(A) also rightly held that installation of software could be checked by the technical person whether it was loaded in the system or not. Therefore, [...]

The depreciation u/s 32 is allowed on the “actual cost” of the assets. The term ‘actual cost’ has been defined in section 43(1) according to which, ‘actual cost’ means ‘the actual cost of the assets to the assessee reduced by that portion of the cost thereof, if any, as has been met directly or indirectly [...]

The Senior Counsel argued at length, whether such non compete right constitute is a right in rem or otherwise, is a matter to be decided by an appropriate higher judicial forum. In the instant proceedings, we cannot import the decision of Hon’ble Supreme Court of India in the case of Smifs (supra), wherein the Hon’ble Apex Court held that goodwill was an intangible asset and eligible for depreciation.

CIT(A) followed the earlier order of the Tribunal in assessee’s own case in part and not in toto. He was of the view that interest and salary to the partners be allowed but not interest to third parties and the depreciation was to be allowed as claimed in the original return because the claim made [...]

The machinery which was purchased by the assessee in the course of expansion of new Project was installed in the year 1996-97 relevant to the Asst. Year 1997-98. There is nothing on record to suggest that the assessee had put the machinery to use during the Asst. Year 1998-99. It appears that the assessee had [...]

In the present case, the Fly Ash Handling System, even though classified under plant and machinery as a general item, is still qualified as a different class under the heading ‘Air pollution control equipment’ entitled for higher amount of depreciation. Therefore, the special category, under which air pollution control equipment is placed, applies to the [...]

whether a charitable trust is entitled to depreciation under section 32 of the Act in respect of assets owned by it, was dealt with by a Division Bench of this court in CIT v. Raipur Pallottine Society [1989] 180 ITR 579  by placing reliance on a Division Bench judgment of the Karnataka High Court in [...]

During the assessment year 2006-07 in question in the provisions laid down u/s 32(i)(iia) there was specific condition alongwith installation of new plant or machinery after 31st March, 2005 that the new plant or machinery must also be acquired after 31st March, 2005.

With the insertion of the Explanation-I to Section 32 w.e.f. 1.4.1998 there is no doubt that where the assessee is the lessee of the building in which he carries on business which is not owned by him but in respect of which the assessee holds a lease or other right of occupancy and any capital [...]