Income Tax : Learn how to optimize corporate tax planning through depreciation. Explore key provisions, asset considerations, and methods for m...
Income Tax : Understand the recent changes in tax audit responsibilities imposed by the Central Board of Direct Tax in India. Explore amendment...
Income Tax : In a landmark ruling, ITAT Mumbai grants Vodafone the right to claim depreciation on goodwill, clarifying that amendments by Finan...
Income Tax : Explore the landmark Supreme Court judgment on Income Tax Rules regarding depreciation claim. No deadline for choosing mode, only ...
Income Tax : Rates of depreciation applicable for income tax purposes from assessment year 2003-04 to 2024-25. This guide includes rates for ta...
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...
Goods and Services Tax : Supreme Court held that the Purchase Price as defined u/s. 2(18) of the Gujarat Value Added Tax Act, 2003 would not include purcha...
Income Tax : CIT(A) decides that interest income from FD linked to business activities is correctly classified as business income, not "Income ...
Income Tax : Detailed analysis of the ITAT Delhi verdict in BSC C and C Kurali Toll Road Ltd. vs ACIT, addressing key tax dispute issues and de...
Corporate Law : NCLT Chennai held that once the resolution plan is approved by Committee of Creditors, only limited judicial review is available f...
Income Tax : ITAT Delhi held that expenditure in Built Operate and Transfer (BOT) project giving rise to an intangible assets eligible for clai...
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...
In a crucial decision, ITAT Delhi rules in favor of Nimit Kumar Aneja, allowing depreciation under section 32. Analysis of the case and its implications for carry-forward of WDV.
Dive into the case of Maninagar Co. Op. Bank Ltd. against DCIT, focusing on the disallowance of depreciation on Govt. Securities. Detailed analysis of the ITAT Ahmedabad’s order for AY 2012-13.
Explore the ITAT Chennai decision in Tristar Container Services case. Analysis of lease rental disallowance, treatment of containers as assets, and alternative depreciation claim.
There is no condition in section 32 that depreciation on plant and machinery is allowable only if they are used in the factory for manufacturing/production process. Assets like air conditioners, telephones, Samsung tab, office equipments and canteen equipments are in the nature of plant and machinery. Depreciation under section 32 is allowed.
Jaya Publications Vs DCIT (ITAT Chennai) We find that the assessee has purchased Computers for business purposes and claimed depreciation thereon. In support, the relevant invoices were produced. The only reason to disallow the depreciation is the conclusion of Ld. AO that the use of computers for business was not established. However, this conclusion is […]
ACIT Vs Bharat Carriers ltd (ITAT Cuttack) Under sub-item 2(ii) of Item III of Appendix I of the Income Tax Rules, 1962, higher rate of depreciation is admissible on motor trucks used in a business of running them on hire. Therefore, the user of the same in the business of transportation of the assessee is […]
ITAT held that depreciation eligible on goodwill which has arisen pursuant to business acquisition made by the assessee
Asessee claimed depreciation/amortization on Goodwill on the ground that it is a right in the nature of know-how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature being intangible assets.
It is held that assessee is entitled to additional depreciation u/s 32(1)(iia) on power plant and the windmill installed during the year.
AO did not make any addition with regard to URD purchases, which were considered to be bogus or inflation of expenses, in the respective years. Without making addition of alleged bogus/inflated expenses, the A.O. could not disallow depreciation
