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...
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 […]
Frick India Ltd. Vs DCIT (ITAT Delhi) Assessee had made a claim of depreciation of Rs 60% on UPS but the AO restricted the claim of depreciation @ 15% only on the UPS and disallowed the excess 45% namely, Rs.50,320/-. It was submitted on behalf of the assessee that it is settled proposition of law […]
Shivam Water Treaters Pvt. Ltd. Vs ACIT (ITAT Ahmedabad) The 1st issue that arises for our consideration whether the assessee is eligible to claim the depreciation on the purchase of cars in the manner as provided under section 32 of the Act. To claim the depreciation under section 32 of the Act, the following conditions […]
Efacec Switchgear India P. Ltd. Vs ACIT (ITAT Delhi) Assessee submitted that since tools, dies, jigs etc. are used by the appellant for its business of manufacturing switchgear products, the same are plant & machinery. Without these equipments it is not possible for appellant to manufacture switchgear products. Hence, the same are in the nature of […]
DCIT (OSD) Vs Jaihind Projects Ltd. (ITAT Ahmedabad) It is a settled law that vehicles let on hire are eligible for higher depreciation, but in the instant facts, in our view there are apparent factual contradictions which leads us to conclude that the assessee has not been able to irrefutably establish whether vehicles were let […]
Chemetall Rai India Limited Vs DCIT (ITAT Pune) The only question is about the denial of depreciation on two categories of Intangible assets, namely, Non-compete fees and Market information comprising of Commercial information, Customer data, Distribution network and Suppliers contract. Apart from the assessee acquiring the Chemical business of Gramos Chemicals India Limited, it transferred […]
ISSUE FOR CONSIDERATION When a loan taken for acquiring a depreciable capital asset or a part of the purchase price of such capital asset is waived in a year subsequent to the year of acquisition, an issue that arises with respect to waiver of loan or part of the purchase price is whether the depreciation […]
Sagar Ratna Restaurants Pvt. Ltd. Vs ACIT (ITAT Delhi) It is evident, by virtue of an agreement entered in June 2011, assessee acquired a restaurant in the name and style of Sagar Ratna. As per the terms of the agreement, the transferor had transferred all its rights, copyrights, trademarks etc. in respect of the restaurant […]
CIT-LTU Vs Lakshmi General Finance Ltd (Merged with Sundaram Finance Limited) (Madras High Court) Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessee was entitled to claim depreciation on the windmills even though the wind mills had not generated any electricity during the […]
