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...
DCIT Vs Ashoka Dhankuni Kharagpur Tollway Ltd (ITAT Pune) Revenue’s sole substantive grievance raised in the instant appeal challenges correctness of the CIT(A)’s action reversing assessment findings dated 21.12.2019 disallowing the assessee’s depreciation claim amounting to Rs.3,47,61,85,194,/- pertaining to its ‘right to collect toll’ as an intangible asset under section 32(1)(ii) of the Act. The […]
Podar Literacy & Education Trust Vs DCIT (ITAT Mumbai) AO has disallowed the claim of depreciation as per the mandate of provisions of sec. 11(6) of the Act, which reads as under:- (6) In this section where any income is required to be applied or accumulated or set apart for application, then, for such purposes […]
ITAT Bangalore based on the judgement of Datacraft India Ltd. held that if the networking equipment is used as a part of the computer in its functions, then the same will be classified as computers for the purpose of depreciation.
ITAT Pune held that depreciation on items like stainless steel table, tools, trollies used by scientist or lab technicians in laboratory are used for production of vaccine/ other is allowable at the rate applicable to plant and machinery
ITAT Ahmedabad held that as the additional evidence produced clearly indicates that company has put to use the windmill turbine in the year, depreciation on the same is available.
Owens Corning India Pvt. Ltd. Vs ACIT (ITAT Mumbai) We observe that in A.Y. 2006-07 Assessing Officer observed that assessee has claimed depreciation of ₹.93,40,242/- and when the assessee was asked to submit the supporting evidences in support of the above claim, assessee failed to furnish the supporting evidences such as bills, date on which […]
In other words, the test would be: Does an ATM fulfil the functions of a Computer in the business activity of an assessee? Is it a tool of his trade with which it carries on his business?
Held that electricity is capable of abstraction, transmission, transfer, delivery, possession, consumption and use like any other movable property. Hence, additional depreciation u/s. 32(1)(iia) available to the assessee on activity of power generation.
Held that expenditure incurred in executing the project is an intangible asset which is eligible for depreciation under section 32 of the Income Tax Act
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
