Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...
CA, CS, CMA : Learn the correct way to calculate and apportion depreciation using the Written Down Value method for accurate scrap value over an...
Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...
Income Tax : Rates of depreciation applicable for income tax purposes from assessment year 2003-04 to 2025-26. This guide includes rates for ta...
Income Tax : Learn how to optimize corporate tax planning through depreciation. Explore key provisions, asset considerations, and methods for m...
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 : During the assessment proceedings, it was observed that the assessee sold two trademarks “Coldarin” and “Raricap”. The gai...
Income Tax : It was a case where the statutory procedure mandated in section 144C had been attempted to be by passed by merely mentioning the n...
Income Tax : ITAT Mumbai held that the receipt from parking facilities is to be treated as business income instead of income from other sources...
Income Tax : Assessee being a subsidiary of M/s. Rajasthan State Mines and Minerals Ltd. (RSMML) (a Government of Rajasthan Undertaking). It en...
Income Tax : ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act t...
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...
Once assets have been put to use, claim of depreciation allowance on said assets cannot be restricted. ITAT allows claim of depreciation in respect of closed units or non-functional undertakings
Held that non-compete fees, being an intangible asset, paid in accordance with the terms of the agreement is eligible for depreciation u/s 32
Daeseung Autoparts India Pvt.Ltd Vs ACIT (OSD) (ITAT Chennai) We have gone through reasons given by the Assessing Officer to reject additional depreciation on capitalization of forex loss in light of provisions of section 32(1)(iia) of the Act, and we ourselves do not subscribe to the arguments advanced by the learned counsel for the assessee […]
Held that assessee can claim remaining 50% depreciation in subsequent year in case where machinery and plant being acquired and put to use for less than 180 days in the previous year, the depreciation was restricted to 50%.
ITAT held that by acquiring business rights along with tangible assets, the assessee got an up and running business and the specified intangible assets acquired under slump sale agreement are in the nature of any other business or commercial rights of a similar nature on which depreciation is allowable.
Sasamusa sugar works Pvt. Ltd. Vs DCIT (ITAT Kolkata) In respect of ground relating to claim of depreciation on molasses tanks for which the ld. CIT(a) had directed the AO to allow the depreciation after verification that the new plant & machinery were indeed put to use by the assessee. Assessee has come before the […]
Bangalore International Airport Ltd. Vs DCIT (ITAT Bangalore) Assessee submitted that Professional or Legal Service expenditure was incurred wholly in connection with entering into various agreements. Most of the expenditure was towards availing of professional and legal services during pre-operative period i.e. before commencement of the commercial operation. In our considered opinion, this expenditure is […]
Held that as the assessee is in windmill’s power generation business, additional depreciation available for windmill u/s 32(1)(iia).
Explore the ITAT Chennai resolution in the SDS Ramcides Crop Science case regarding the disallowed depreciation claim. Learn how the tribunal rectified the misinterpretation and allowed the rightful depreciation.
Explore the Orissa Power Transmission Corporation Ltd vs. ACIT case at ITAT Cuttack. Analysis of interest income, business vs. other sources, and prior period expenses.
