Income Tax : This guide compiles the depreciation rates applicable to buildings, machinery, vehicles, computers, renewable energy assets, ships...
Income Tax : This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciat...
Income Tax : ITAT Mumbai held that goodwill arising from slump sale of a going concern is a depreciable intangible asset under section 32(1)(ii...
Income Tax : Learn key provisions of depreciation under Section 32, including eligibility, ownership, usage conditions, asset types, and applic...
Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...
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 : ITAT held that goodwill arising on amalgamation qualifies as a depreciable intangible asset. It also deleted the TP adjustment on ...
Income Tax : ITAT held that computer software is eligible for 60% depreciation and directed the AO only to verify its actual cost before comput...
Income Tax : ITAT held that stamp duty paid for lease registration was deductible as revenue expenditure in the year it was incurred....
Income Tax : The Tribunal upheld the set-off of eligible unit losses against other business profits by following binding judicial precedents....
Income Tax : The Tribunal ruled that application software purchased independently from computer hardware is still covered under the specific de...
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...
This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciation, and unabsorbed depreciation. The key takeaway is that correct asset classification and applicable rates are crucial for accurate tax computation and compliance.
The ITAT upheld depreciation on goodwill arising from a slump sale acquisition after finding that the business was acquired through a valid Business Transfer Agreement. The ruling confirms that goodwill valuation in a slump sale can support a depreciation claim when properly examined during assessment.
Inter/Intra Circle Remittance Balance represented only internal transfer and reconciliation entries relating to assets and stock in transit between different Circles of the Assessee company. Since no expenditure or deduction had been claimed and the balances did not represent any real income or loss, the addition of Rs.1527.40 crores made by the AO and confirmed by the CIT(A) was deleted.
The Tribunal noted that donations to Swachh Bharat Kosh and Clean Ganga Fund made towards CSR obligations are specifically excluded under section 80G, while no similar embargo exists for other eligible institutions. Consequently, the assessee’s claim for deduction was allowed in full.
The Court held that the assessee failed to produce any written or registered document proving transfer of property to the firm. Consequently, the challenge to the assessment proceedings was rejected, leaving the assessee to pursue statutory appellate remedies.
Jeel Kandla Service & Anr. Vs Union of India and Ors. (Calcutta High Court) The appeal arose from a judgment of a Single Judge dismissing a writ petition challenging an order of the Regional Director, Eastern Region, Ministry of Corporate Affairs, which had permitted shifting the registered office of a company from West Bengal to […]
The Tribunal admitted lenders’ tax returns and bank statements and remanded the Section 68 issue for fresh examination. The matter was sent back for verification of identity, creditworthiness and genuineness.
The case involved additions based on seized diaries, alleged cash sales, and estimated profits. The ITAT partly accepted the assessee’s arguments and directed adoption of a revised industry GP rate for computing taxable income.
ITAT Delhi held that the amendment excluding goodwill from depreciation under Section 32(1)(ii) applies prospectively from 01.04.2021. The Tribunal allowed depreciation on goodwill for earlier assessment years following judicial precedents.
ITAT Ahmedabad held that depreciation on goodwill arising from amalgamation was allowable for assessment years prior to AY 2021-22. The Tribunal ruled that amendments excluding goodwill from depreciable assets operate prospectively.
