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 : Analysis of depreciation rates under the Income-tax Act (WDV method) from AY 2003-04 onwards and the useful lives specified under ...
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...
Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...
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 Delhi held that the amendment excluding goodwill from depreciation under Section 32(1)(ii) applies prospectively from 01.04.2...
Income Tax : ITAT Ahmedabad held that depreciation on goodwill arising from amalgamation was allowable for assessment years prior to AY 2021-22...
Income Tax : The Supreme Court dismissed the Revenue’s challenge to depreciation claims on leased assets after the Bombay High Court held tha...
Income Tax : The Chennai ITAT held that transfer pricing benchmarking cannot ignore extraordinary business circumstances arising from the shutd...
Income Tax : Even though the assessee had no business operations, claims based on disclosed assets and records were held bona fide. The Tribuna...
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...
The assessee was entitled to depreciation on owned assets which were rented out to a third party for manufacturing purposes applying assessee’s own case of earlier year.
Daawat Foods Ltd. Vs ACIT (ITAT Delhi) As far as the disallowance of the depreciation of Rs.93,406/-on the capital expenditure is concerned, we find that AO has disallowed the depreciation on the capital expenditure of Rs.5,35,468/- which has been stated to have been incurred by the assessee in cash. We find that the Co-ordinate Bench […]
As the budget 2021 unveiled, it came up with the proposals to boost the economy and certain important proposed amendments. One of the proposed amendments was ‘No more Depreciation on Goodwill’.
Section 2 of the Act provides the definitions for the purposes of the Act. Clause (11) of the said section defines―block of assets‖ to mean a group of assets falling within a class of assets comprising, tangible assets, being buildings, machinery, plant or furniture and intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises or […]
A brief analysis of the provisions and how it may impact: Depreciation on Goodwill has been one long debatable issue. Even after Supreme Court Judgment in the case of Smiff Securities Limited wherein the Supreme Court of India held that goodwill of a business is a depreciable asset, taxman have been issuing notices to companies […]
Supermax Personal Care Private Ltd Vs. DCIT (ITAT Mumbai) The facts on record clearly reveal that in Assessment Year 2012-13 the assessee had purchased new plant and machinery on which additional depreciation @20% is allowable. However, since the plant and machinery were put to use for a period of less than 180 days in Assessment […]
JCIT (OSD) Vs Rohan and Rajdeep Infrastructure Pvt. Ltd. (ITAT Pune) Assessee incurred expenditure in constructing Amritsar Bus Terminal on BOT basis and to recoup the said investment, the assessee was allowed to collect add a fees from the users of the said bus terminal. In our view, the said right is business or commercial […]
Assessee also incurred expenditure in constructing Amritsar Bus Terminal on BOT basis and to recoup said investment, assessee was allowed to collect Adda fees from users of said bus terminal. The said right was business or commercial right in terms of section 32(1)(ii) and was an intangible asset, therefore, assessee was entitled to claim depreciation.
ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deduction. The Ld. CIT(A) allowed depreciation by […]
ACIT Vs Fortis Hospitals Ltd. (ITAT Delhi) Non compete fee did not confer any exclusive right to carry-on the primary business activity. The right is restricted only to the particular party or individual and does not have the exclusivity over the rest of the world. Thus, non-compete fee cannot be termed as intangible asset. The […]
