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If in the initial year of claim the depreciation, is allowed, the claim cannot be disturbed in the subsequent years
w.e.f. 1.4.1999 computer software been included with computers for rate of depreciation in Rules, entitling assessee to 60% depreciation rate
Calcutta High Court held that Tribunal duly examined the terms and conditions of the agreement and found that warranty clause is in-built. Accordingly, provision of warranty is duly allowable.
Once assessee is assessed as AOP and no section 11 exemption been allowed, entire receipts are to be assessed as business receipt and consequently, depreciation has to be allowed.
DCIT Vs Chettinad Cement Corp. Ltd. (ITAT Chennai) As per depreciation schedule, the depreciation is allowed on buildings @5% for which the buildings are mainly used for residential purposes except hotels and boarding houses. The depreciation is allowed @10% on buildings used mainly for residential purposes and not covered by the category of 5% depreciation. […]
Value of goodwill is amount paid over & above tangible assets and values assigned to other intangible assets – Depreciation allowed
Delhi High Court held that there is no requirement to file a fresh claim under DVAT 21 as the claim of refund was embedded by the assessee in its return.
ITAT Ahmedabad held that depreciation on goodwill duly available as goodwill has been taken into account while determining the face value of the shares which is treated as consideration in the scheme of amalgamation.
ITAT Chennai held that as computer and robotix kit is totally different, depreciation @15% and not @60% available on Robotix kits.
Transindia Freight Services Pvt. Ltd Vs DCIT (ITAT Mumbai) ITAT held that going by the principle of consistency in the stand taken by the Revenue in earlier as well as subsequent assessment years in scrutiny assessment proceedings, we hold that the income received from car rental of Rs.6,00,000/- is to be assessed as “income from […]
