section 32

Supreme Court Clarifies Depreciation Claim: No Deadline on Mode Selection

Income Tax - Explore the landmark Supreme Court judgment on Income Tax Rules regarding depreciation claim. No deadline for choosing mode, only requirement is pre-filing. Details and analysis here....

Rates of Depreciation as Per Income Tax Act, 1961

Income Tax - Rates of depreciation applicable for income tax purposes from assessment year 2003-04 to 2024-25. This guide includes rates for tangible and intangible assets, providing valuable insights for taxpayers....

Vehicle Expenses of vehicle used by Director Employees allowed

Income Tax - ITAT Pune allows vehicle expenses for cars used by director employees as business expenses in the case of M/s. Pushpak Steel Industries Pvt. Ltd. The decision emphasizes that personal use by directors doesn't classify as non-business use, citing relevant precedents. Gain insights into the case, the issues addressed, and the ITAT's rationa...

Toll Collection Rights – An intangible Asset

Income Tax - Understand Toll Collection Rights as intangible assets under Schedule III of the Companies Act, 2013. Explore the legal treatment, taxation, and depreciation benefits for project developers. Clarifications from the Hyderabad Special Bench of the Income-Tax Appellate Tribunal are discussed regarding the nature of toll collection rights as ...

Taxation Dilemma Resolved: Depreciation of Computer Accessories & Peripherals

Income Tax - Depreciation may be claimed under the Income Tax Act for purchases made by an assessee during the financial year in furniture, equipment, and machinery. For a corporate entity, depreciation on computers and computer resources may be a substantial source of corporate tax savings....

Fixed Asset Management Tool with Depreciation Calculator for Companies

Income Tax - Key Features of Fixed Asset Management Tool with Depreciation Calculator for Companies ♦ Line wise SLM and WDV Depreciation as per Companies Act 2013, ♦ Calculation of Depreciation under the Income Tax Act, ♦ Export of Tax Audit Data for Additions and Deletions during the Year ♦ Monthly Calculation for MIS...

Additional 15% depreciation on Motor Vehicles- No TDS on cash payments by APMCs

Income Tax - Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cash payments above Rs 1 crore made through APMCs, in order to make immediate payments to farmers for their produce. Further to the announcement made by Smt@nsitharaman on 23-08-2019, an additional 15% depreciatio...

Depreciation in case of slump sale based on proportionate number of days by transferor and transferee company- Clarify legal position- ICAI

Income Tax - The proviso to section 32 provides that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furniture, being tangible assets or know how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature, being intangible assets allowable to the predecessor...

Goodwill Depreciation Allowed under Income Tax Act: ITAT Ruling  

S&P Capital IQ (India) Private Limited Vs ACIT (ITAT Hyderabad) - ITAT Hyderabad rules in favor of S&P Capital IQ, allowing depreciation on goodwill as deductible under Section 32(1) of the Income Tax Act, 1961....

Application claiming reliefs by successful bidder must be in consonance with process document

Sauria Construction Vs Kohinoor Pulp & Paper Private Limited (NCLT Kolkata) - NCLT Kolkata held that successful bidder of the Corporate Debtor is allowed to file application before Adjudicating Authority claiming reliefs and concessions, however, such reliefs and concessions cannot be too elaborate and general and must be in consonance with process document in the liquidation...

No Cessation of Liability u/s 41(1) as debt not written off in books

Total Environment Building Systems Pvt Ltd Vs DCIT (ITAT Bangalore) - ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said that that cease to exist....

Shareholder Has ‘No Locus Standi’ to Challenge Resolution Plan: NCLAT Chennai

Ramesh Kesavan Vs CA Jasin Jose (NCLAT Chennai) - Explore the NCLAT Chennai judgment on Ramesh Kesavan Vs CA Jasin Jose. CoC's approval of Resolution Plan below Liquidation Value analyzed. Learn about Edelweiss exclusion, valuation concerns, and shareholder locus challenges....

Depreciation u/s. 32 allowable on goodwill acquired under slump sale: ITAT Mumbai

Vodafone India Services Pvt Ltd Vs DCIT (ITAT Mumbai) - ITAT Mumbai held the goodwill arising on business reorganization i.e. amalgamation, slump sale, demerger etc. is a depreciable intangible asset under section 32 of the Income Tax Act....

Rule 8AC Computation of short term capital gains & written down

Notification No. 77/2021-Income Tax [G.S.R. 472(E)] - (07/07/2021) - CBDT inserts new Income Tax Rule 8AC -Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained vide Notification No. 77/2021-Income Tax | Dated: 7th July, 2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT...

CBDT notifies Additional depreciation on Motor car & motor vehicles

Notification No. 69/2019-Income Tax [G.S.R. 679 (E).] - (20/09/2019) - Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certain conditions- Notification No. 69/2019-Income Tax Dated 20th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No....

Commercial rights in the nature of intangible assets eligible for depreciation

I.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...

Amendment in Income Tax Rules Related to Depreciation on Fixed Assets

Notification 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...

MVAT circular on Issuing of Tax Clearance Certificates

Trade 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...

Recent Posts in "section 32"

Goodwill Depreciation Allowed under Income Tax Act: ITAT Ruling  

S&P Capital IQ (India) Private Limited Vs ACIT (ITAT Hyderabad)

ITAT Hyderabad rules in favor of S&P Capital IQ, allowing depreciation on goodwill as deductible under Section 32(1) of the Income Tax Act, 1961....

Application claiming reliefs by successful bidder must be in consonance with process document

Sauria Construction Vs Kohinoor Pulp & Paper Private Limited (NCLT Kolkata)

NCLT Kolkata held that successful bidder of the Corporate Debtor is allowed to file application before Adjudicating Authority claiming reliefs and concessions, however, such reliefs and concessions cannot be too elaborate and general and must be in consonance with process document in the liquidation proceedings....

Posted Under: Income Tax | |

No Cessation of Liability u/s 41(1) as debt not written off in books

Total Environment Building Systems Pvt Ltd Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said that that cease to exist....

Shareholder Has ‘No Locus Standi’ to Challenge Resolution Plan: NCLAT Chennai

Ramesh Kesavan Vs CA Jasin Jose (NCLAT Chennai)

Explore the NCLAT Chennai judgment on Ramesh Kesavan Vs CA Jasin Jose. CoC's approval of Resolution Plan below Liquidation Value analyzed. Learn about Edelweiss exclusion, valuation concerns, and shareholder locus challenges....

Posted Under: Income Tax | |

Depreciation u/s. 32 allowable on goodwill acquired under slump sale: ITAT Mumbai

Vodafone India Services Pvt Ltd Vs DCIT (ITAT Mumbai)

ITAT Mumbai held the goodwill arising on business reorganization i.e. amalgamation, slump sale, demerger etc. is a depreciable intangible asset under section 32 of the Income Tax Act....

Surplus on redemption of treasury bills taxable under Capital Gains: ITAT Mumbai

Bajaj Auto Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’....

ITAT Bangalore Directs Re-adjudication on Goodwill Depreciation in Slump Sale

I&B Seeds Private Limited Vs ACIT ( ITAT Bangalore)

Explore the ITAT Bangalore order in the case of I&B Seeds Pvt Ltd vs ACIT, directing re-adjudication on the claimed depreciation for goodwill arising from a slump sale....

Foreign exchange loss attributable to material purchase is revenue expense

DCIT Vs Macrotech Developers Limited (ITAT Mumbai)

ITAT Mumbai held that foreign exchange loss incurred by the assessee attributable to purchase of material is revenue expenditure and it cannot be included in the cost of project. Accordingly, the same is allowable as deduction....

DVAT: Coconut Oil sold as Hair Oil cannot be classified as Edible Oil

Amway India Enterprises Private Limited Vs Commissioner (Delhi High Court)

Since the coconut oil was sold by assessee in small packs; was displayed in the category of hair care; the manner in which it was to applied on hair; and the purpose for which it was purchased by the consumer leave no manner of doubt that the coconut oil sold by assessee was classifiable in a residual entry attracting tax at the rate of 1...

RERA has locus to file an appeal against order initiating CIRP

Real Estate Regulatory Authority Vs D.B. Corp Limited (NCLAT Delhi)

NCLAT Delhi held that RERA (Real Estate Regulatory Authority) being an aggrieved person under section 61 of I&B Code 2016 has a locus to file an Appeal against order initiating Corporate Insolvency Resolution Process (CIRP)....

Posted Under: Income Tax | |

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