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ITAT Mumbai allows depreciation on licenses, approvals, registrations etc as intangible assets even though recorded as Goodwill in books
Case Law Details
- Case Name
- PIEM Hotels Ltd Vs. DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 05
- Courts
- ITAT Mumbai
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Brief : In the light of the above decisions, it can now be concluded that orders of CIT which set aside assessment orders on the ground that they are erroneous (due to non application of mind, etc) without recording any finding to show as to how the said assessment order is erroneous or prejudicial to the interest of revenue (without rejecting the claim of the taxpayer) are bad in law and liable to be quashed.
Citation : PIEM Hotels Ltd Vs. DCIT (ITA No. 523/Mum/2009) (Mum)
Court : ITAT Mumbai
Recently, in the case of PIEM Hotels Ltd Vs. DCIT (ITA No. 523/Mum/2009) (Mum) Mumbai bench of the In...
while considering the section 40a(3)in PGBP if we purchased a capital assets then this section will not attract, so my question is that whether depriciation regarding the pruchased assets is allowed for deduction in the same and following years or not.
Sir,
My father , aged 70 yrs has invested in Senior Citizen Monthlyy Income Scheme. Will he be able to claim deduction U/s. 80-C.?
In the reply to Qn. 26 it is mentioned that corpus donations to unregistrered trusts are taxable since benefit of Section 11 will not be available to an unregistered trust. How ever by virtue os section 12(1) contributions towards the corpus of the trust are not treated as income from trust(not only registered trust) property and hence exempt.There are also case laws which support this point.