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Income Tax - Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being buildings, machinery, plant or furniture;Intangible Assets being knowhow, patents, copyrights, trademarks, licences, franchises or any other business or commercial ...
Read MoreIncome Tax - It is a well known and understood fact that land is not a depreciable asset. By its very definition, depreciation means decrease in the value of an asset through wear and tear, deterioration or obsolescence. While these implications easily apply to buildings or other structures built upon land, the land itself as an asset has no finite li...
Read MoreIncome Tax - The concept of merger and acquisition was not popular until the year 1988 in India. However, in the last five years merger and acquisition has emerged as a very important tool for growth of Indian corporates. Today, many companies are merging with each other in order to generate more revenues that the companies could have earned individua...
Read MoreIncome Tax - Ankita Agrawal Income Tax Act, 1961 is quite clear on the tax implications in the hand of purchaser and seller in case of amalgamation or demerger, but when it is a division purchase or slump purchase, there are no specific provisions in the Act in relation to purchaser. Section 50B of the Act clearly specifies […]...
Read MoreIncome Tax - The assessment u/s 143(3) made disallowing to excess claim of depreciation. Penalty proceedings u/s 271(1)(c) has been initiated on disallowance of excess depreciation claimed. The assessee confronted this fact, He is agree to disallow excess depreciation. No penalty u/s 271(1)(c) is levied upon the assessee. The Department can not presum...
Read MoreThe Commissioner of Income Tax Central- III V/s. M/s. Urban Infrastructure Venture Capital Ltd. (Bombay High Court) - A division bench of the Bombay High Court in CIT Vs. M/s.Urban Infrastructure Venture Capital Ltd has allowed a tenants’ claim for depreciation towards capital expenditure incurred on the leased premises....
Read MoreM/s. Pitney Bowes India (P) Ltd. Vs DCIT (ITAT Delhi) - For any right to be in the nature of business or commercial right as laid down in section 32(1)(ii) of the Act, two criteria should be met. First that it should be right in rem and the second it should be alienable or transferable....
Read MoreMSA Motors Vs. Addl. CIT (ITAT Hyderabad) - Business of the assessee is carried on in the leased property and any expenditure is incurred on the construction of any structure by way of renovation, extension or improvement, then, section 32 will apply and accordingly, the assessee can claim depreciation on the value spent on such improvement o...
Read MoreGuwahati Metropolitan Development Authority Vs Commissioner of Income Tax (Gauhati High Court) - Gotanagar Truck Terminus is a plant and not building, for the purpose of claiming depreciation under Section 32 read with Section 43 of the IT Act. Consequently the assessee is held entitled to depreciation at the rate of 25% as prescribed for plant and not at 10%, as applicable for building....
Read MoreMother Hospital Pvt. Ltd Vs CIT (Supreme Court of India) - It is only when the assessee holds a lease right or other right of occupancy and any capital expenditure is incurred by the assesee on the construction of any structure or doing of any work in or in relation to and by way of renovation or extension of or improvement to the building and the expenditu...
Read MoreI.T.A. No. 496/Delhi/2014 - (15/04/2015) - A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs.9 Crores was paid by the assessee to the transferor who owned commercial rights towards the network and the facilities. The consideration was a specific value but for which the network would not have b...
Read MoreNotification No. 43/2014-Income Tax - (16/09/2014) - Notification No. 43/2014-Income Tax S.O. 2399(E).—In exercise of the powers conferred by Section 295 read with Section 32 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. (1) Thes...
Read MoreTrade Circular No. 1 T of 2010 - (05/01/2010) - In view of this situation, it is necessary that the procedure for the issuing of such certificates should be standardized. Such certificates are very often required to be produced before various government authorities, local bodies or other bodies etc. for the purpose of tender renewal of licenses e...
Read MoreCircular : No. 29-D(XIX-14) [F. No. 45/239/65-ITJ], - (31/08/1965) - Numerous instances have come to the notice of the Board where assessee’s claim for depreciation duly shown in the return was not considered by the Income-tax Officer because books of account produced were not properly maintained and it was necessary to estimate profits by invoking the proviso to ...
Read MoreThe Commissioner of Income Tax Central- III V/s. M/s. Urban Infrastructure Venture Capital Ltd. (Bombay High Court) -
M/s. Pitney Bowes India (P) Ltd. Vs DCIT (ITAT Delhi) -
MSA Motors Vs. Addl. CIT (ITAT Hyderabad) -
Guwahati Metropolitan Development Authority Vs Commissioner of Income Tax (Gauhati High Court) -
Mother Hospital Pvt. Ltd Vs CIT (Supreme Court of India) -
M/s. Dinamalar Tirunelveli Vs The Income-Tax Officer (Madras High Court) -
M/s. Mahendra & Co. Vs ITO (ITAT Rajkot) -
D.C.I.T.Vs M/s.Epcos India Pvt. Ltd. (ITAT Kolkata) -
