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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...
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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...
Where assessee claimed depreciation on new server, storage and accessories procured during the year on lease and the assessee incurred cost of such asset and was also paying interest on lease; the assessee would be eligible to claim such depreciation.
There was a controversy whether livestock would constitute plant within the meaning of clause (3) of section 43 of the Act, that controversy has now been set at rest by the amendment of section 43(3) by the Parliament by the Finance Act, 1995 with retrospective effect from the inception of the Act, i.e., 1-4 -1962 to exclude tea bushes and livestock from the ambit of ‘plant’. 1t is now made clear in the definition of ‘plant’ in section 43(3) mentioned below
When a commodity acquired a distinct name, use and commercial identity, it would acquire the trait of ‘manufacture’. Therefore, the activity of conversion of natural gas to compressed natural gas was entitled to avail additional depreciation under section 32(1)(iia).
Since excess amount paid over and above the net asset value on acquiring a business concern should constitute goodwill however, eligibility of assessee to claim depreciation on Goodwill to AO was restored after affording adequate opportunity of hearing.
Introduction The rate of depreciation on computers and computer software is 40%. That means while calculating taxable business income, assessee can claim deduction of depreciation@ 40% on computers and computer software. In order to claim depreciation @40%, the equipment should fall within the expression “computer”. If the equipment in question do not fall within the […]
Waiver of loan in the earlier year has no impact either on the actual cost u/s 43(1) or the w.d.v. u/s 43(6) for the year under consideration and further section 2(24)(xviii) also does not envelope such waiver within the ambit of `income‘ for the extant year. In that view of the matter, depreciation has to be allowed on the w.d.v. of the block of Machinery at the gross value without reducing the waiver of loan therefrom.
Waters (India) Private Limited Vs DCIT (ITAT Bangalore) It is settled position of law that computer and its accessories and peripherals are entitled to higher rate of depreciation of 60%. The CIT(A) held that the assessee is entitled to depreciation of 60% on printer and 15% on UPS by holding that UPS is not part […]
As per Motor Vehicle Act, 1988 the registration of leased motor vehicle should be in the name of lessee and not the lessor. But in Income Tax Act, 1961 for claiming depreciation of assets, the asset must be owned by the person claiming depreciation.
DCIT Vs Mumbai Nasik Expressway Ltd. (ITAT Mumbai) Expenditure incurred by the assessee for construction of road under BOT contract by Govt. of India have given rise to an intangible asset as defined under explanation 3(b) read with section 32(1)(iii) of the Act, assessee would be eligible to claim depreciation on such asset at specified […]
Niho Construction Limited Vs DCIT (ITAT Delhi) Assessee claimed 100% Depreciation on Mobile Phones, each of which cost less than Rs. 5,000/-. But Assessing Officer (AO) restricted the depreciation to 15%, treating them general plant & Machinery. Assessee approached ITAT and AO argued that List of items on which 100% depreciation is allowed is specifically […]
