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 : ITAT Kolkata rules no legal requirement for knowhow registration to claim depreciation under Section 32. Landis + Gyr case summary...
Income Tax : The JDA was signed between one Mr. U.K. Hasanabba and Mr. U. Ibrahim on one side as landowners and Mr. Abdul Khader K (on behalf o...
Income Tax : ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable si...
Income Tax : Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee wa...
Income Tax : ITAT Pune held that entire amount of R&D expense in India is eligible for weighted deduction u/s. 35(2AB) and R&D capital expense ...
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...
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
Part B of New Appendix I is a general entry whereas Entry 5 of Part A of New Appendix I is a specific entry read with Note 7. Tribunal held that assessee is eligible to claim depreciation at 60% of Computer Software.
ITAT held that mere disallowance of depreciation would not lead to imposition of penalty under Section 271(1)(c) , more particularly where quantum disallowance of depreciation itself is highly debatable
DCIT Vs IFCI (ITAT Delhi) Issue- On the facts and circumstances of the case, the Ld. CIT (A) has erred in deleting the disallowance made on depreciation of finance leased assets amounting to Rs. 1,31,63,444/- holding that it is one of the business of assessee. Held- Depreciation of finance least assets is related to the […]
