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...
Income Tax : Delhi ITAT allows Section 80P(2)(d) deduction for Janta Adarsh Co-operative Thrift & Credit Society on interest earned from Co-ope...
Income Tax : Gujarat High Court dismisses Revenue’s appeal in CIT Vs Joshi Technologies, allowing additional depreciation on oil wells u/s 32...
Income Tax : Explore the detailed analysis of the Active Securities Ltd Vs ITO (ITAT Delhi) case regarding the taxation of rental income from l...
Income Tax : Read about the ITAT Delhis ruling on the deduction dispute between Genpact India and DCIT regarding freight, telecommunication cha...
Income Tax : Discover ITAT Bangalore's directive on re-evaluating depreciation disallowance claimed on asset acquisition in the case of ACIT vs...
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...
Efacec Switchgear India P. Ltd. Vs ACIT (ITAT Delhi) Assessee submitted that since tools, dies, jigs etc. are used by the appellant for its business of manufacturing switchgear products, the same are plant & machinery. Without these equipments it is not possible for appellant to manufacture switchgear products. Hence, the same are in the nature of […]
DCIT (OSD) Vs Jaihind Projects Ltd. (ITAT Ahmedabad) It is a settled law that vehicles let on hire are eligible for higher depreciation, but in the instant facts, in our view there are apparent factual contradictions which leads us to conclude that the assessee has not been able to irrefutably establish whether vehicles were let […]
Chemetall Rai India Limited Vs DCIT (ITAT Pune) The only question is about the denial of depreciation on two categories of Intangible assets, namely, Non-compete fees and Market information comprising of Commercial information, Customer data, Distribution network and Suppliers contract. Apart from the assessee acquiring the Chemical business of Gramos Chemicals India Limited, it transferred […]
ISSUE FOR CONSIDERATION When a loan taken for acquiring a depreciable capital asset or a part of the purchase price of such capital asset is waived in a year subsequent to the year of acquisition, an issue that arises with respect to waiver of loan or part of the purchase price is whether the depreciation […]
Sagar Ratna Restaurants Pvt. Ltd. Vs ACIT (ITAT Delhi) It is evident, by virtue of an agreement entered in June 2011, assessee acquired a restaurant in the name and style of Sagar Ratna. As per the terms of the agreement, the transferor had transferred all its rights, copyrights, trademarks etc. in respect of the restaurant […]
CIT-LTU Vs Lakshmi General Finance Ltd (Merged with Sundaram Finance Limited) (Madras High Court) Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessee was entitled to claim depreciation on the windmills even though the wind mills had not generated any electricity during the […]
DCIT Vs Tata AIG General Insurance Co. Ltd. (ITAT Mumbai) The facts clearly shows that the assessee has incurred an expenditure of ₹29,46,886/- on non EDP and EDP equipments under IT expenses. This expenditure is related to purchase of Pen drives, laptop adapters, batteries and hard disk, etc. The learned Assessing Officer made the disallowance […]
Shree Sudhakar Pandey Vs ACIT (ITAT Allahabad) No separate deduction like depreciation will be allowed when the net profit is made on estimate basis after the rejection of books of accounts. ITAT held that held that no separate claim of depreciation is allowable in case of estimation of net profit of the assessee then the […]
Sports Authority of Gujarat Vs DCIT (ITAT Ahmedabad) This ground of the assessee relates to the claim of deduction on depreciation against income from interest which according to the assessee qualifies as income from business or profession. Having held that the income from interest qualifies as ‘income from other sources‘ in the preceding paragraphs, the […]
Kontoor Brands Pvt. Ltd. Vs ACIT (ITAT Bangalore) The issue on merit is regarding allowability of depreciation on intangible assets. On this aspect, the issue is covered by the Tribunal order rendered in the case of DCIT Vs. V.F. Arvind Brands Pvt. Ltd. (supra). Para nos. 12 of this Tribunal order are relevant in this […]
