Income Tax : This guide compiles the depreciation rates applicable to buildings, machinery, vehicles, computers, renewable energy assets, ships...
Income Tax : This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciat...
Income Tax : ITAT Mumbai held that goodwill arising from slump sale of a going concern is a depreciable intangible asset under section 32(1)(ii...
Income Tax : Learn key provisions of depreciation under Section 32, including eligibility, ownership, usage conditions, asset types, and applic...
Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...
Company Law : Key Features of Fixed Asset Management Tool with Depreciation Calculator for Companies ♦ Line wise SLM and WDV Depreciation as p...
Income Tax : Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cas...
Income Tax : The proviso to section 32 provides that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furn...
Income Tax : ITAT held that goodwill arising on amalgamation qualifies as a depreciable intangible asset. It also deleted the TP adjustment on ...
Income Tax : ITAT held that computer software is eligible for 60% depreciation and directed the AO only to verify its actual cost before comput...
Income Tax : ITAT held that stamp duty paid for lease registration was deductible as revenue expenditure in the year it was incurred....
Income Tax : The Tribunal upheld the set-off of eligible unit losses against other business profits by following binding judicial precedents....
Income Tax : The Tribunal ruled that application software purchased independently from computer hardware is still covered under the specific de...
Income Tax : CBDT inserts new Income Tax Rule 8AC -Computation of short term capital gains and written down value under section 50 where deprec...
Income Tax : Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certai...
Income Tax : A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs.9 Crores was paid by the assess...
Income Tax : 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...
Goods and Services Tax : In view of this situation, it is necessary that the procedure for the issuing of such certificates should be standardized. Such ce...
ITAT Chennai held that deduction under section 80P(2)(a)(i) of the Income Tax Act is admissible to Regional Rural Banks. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld.
Such an agent would, therefore, continue to be covered by Section 32(c) of the Act as he would then present the signed document for registration only as an agent and must necessarily satisfy the requirements of Sections 32(c), 33. 34 and 35 of the Act and the rules framed in that context.
Madras High Court held that no interpretation contrary to Section 53 of the Insolvency and Bankruptcy Code, 2016 [IBC] can be attributed to the expression ‘going concern sale’ as contemplated under Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
ITAT Raipur held that concessional tax rate benefit under section 115BAB of the Income Tax Act denied since Form 10ID filed after due date as specified under section 139(1) of the Income Tax Act. Accordingly, appeal dismissed.
ITAT Mumbai held that revisionary order passed u/s. 263 of the Income Tax Act cannot be sustained to the extent AO duly examined the issue during scrutiny assessment proceedings and plausible view taken after proper application of mind.
Depreciation claim under Section 32 was allowable on actual cost of assets which the assessee paid to the erstwhile partners for taking over from a dissolved firm. It did not matter if the partners were from the same family, as the Act did not make any such distinction.
Capital expenditure on leasehold premises, such as plumbing, partitions, flooring, and electrical fittings, qualified as improvements to a building used for business purposes. Therefore, depreciation deduction for improvements made to leasehold premises was allowable.
ITAT Mumbai held that the claim for deduction under section 80G of the Act in respect of Corporate Social Responsibility [CSR] expenditure cannot be denied. Accordingly, deduction claimed is allowed and appeal of revenue dismissed.
Karnataka High Court upholds Section 263 revision for erroneous 100% depreciation allowance on leasehold improvements, citing AO’s lack of inquiry and application of mind.
ITAT Kolkata rules in favor of Philips India, affirming 30% depreciation on moulds owned by the company but used by exclusive vendors for manufacturing.
