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 Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act t...
Income Tax : Punjab and Haryana High Court refused to de-freeze bank account of company alleged to have dishonestly induced individuals/ invest...
Income Tax : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : The assessee is into development and construction of a project. The case was selected for scrutiny and AO issued notices u/s 142(1...
Income Tax : ITAT Mumbai held that disallowance under rule 8D(2)(ii) r.w.s. 14A of the Income Tax Rules should be made on average value of inve...
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...
CIT Vs. Cactus Imaging India (P.) Ltd. (Madras High Court) It can be inferred that the machines ‘computer printers’ under consideration can either be called computers-printers, since a lot of independent functions done by the computers are done by these printers and they can be called an integral part of the computer system. It should […]
Where the cars were used by the society for its work of school, and these cars were used for various purposes, such as, liaisoning with DIOS and CBSE Board, etc, such contentions had not been refuted with any cogent evidence, by AO therefore, no disallowance was to be made.
Where assessee made no bifurcation of land and building and claimed depreciation on entire amount, therefore the case was remanded back to AO for bifurcating consideration into land & building and depreciation was to be allowed only on building portion.
As per para 7, 8 and 9 of the Accounting Standard 26 (AS 26) issued by the ICAI, the definition of intangible asset and trade mark specifically includes brand names.It was held by the Hon’ble Mumbai Tribunal that brand is an intangible asset eligible for depreciation under Section 32 of the Act.
A mere making of a wrong, though bona fide claim of depreciation, which is not sustainable in law, by itself will not amount to furnishing inaccurate particulars of income and therefore, such wrong claim will not automatically invite penalty under section 271(1)(c).
Wind World India Infrastructure (P) Ltd. Vs. Pr. CIT (ITAT Mumbai) Assessee contended that wind turbine generators were used for generation of electricity, which is akin to manufacturing of an article or thing as the electricity is intangible and its effect can be seen and felt, transferred, delivered, stored, processed, etc. It was, thus submitted […]
When motor vehicles are in the gross block of the company and used for business it cannot ipso facto lead to an inference that the depreciation has to be partly disallowed on the assumption that these are partly used for personal use: Claridges Hotels case.
The grounds of appeal in ITA No. 1295/Mum/2012 for AY 2000-01 & ITA No. 1296/Mum/2012 for AY 2001-02 are common. In both these appeals the assessee has taken as many as eight grounds of appeal
Where assessee claimed loss on sale of motor car, which was wrongly debited to P&L account, but there were other motor cars also existing in block of assets and the said block of asset of motor car had not ceased to exist, therefore, the assessee was entitled to depreciation under section 32 on the block of assets consisting of motor car remaining after crediting sale proceeds of the motor car sold during the year, thus, matter was to be restored to the file of the AO for re-computation of depreciation.
Goodwill is an intangible asset under section 32(1)(ii) covered within the expression ‘any other business or commercial rights of similar nature’ and, therefore, assessee was entitled to claim depreciation on such goodwill.
