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In this case assessee, was doing embroidery work on job work basis. The embroidery activity, according to the Tribunal, also results in production of a new article having a different market of its own and there are various stages involved in embroidery activity, as follows: i) Creating a digitalized embroidery design file
In the of CIT Vs. Noida Medicare Centre Ltd, Delhi High Court held that the AO erred in disallowing the capitalization of the additional customs duty in the manner claimed by the Assessee and adding the entire customs duty paid in the relevant AY to the income of the Assessee.
Delhi High Court has in the case of CIT Vs M/s Bharat Hotels held that If appellant Leasee is having entire control over the building than even though no ownership rights vest him, still he can claim depreciation on the same.
Section 37(1) of the Income-tax Act, 1961 (which corresponds to Section 10(2)(xv) of the Income-tax Act, 1922) allows deduction, while computing the income chargeable under the head profits and gains of business or profession, of any expenditure (not being expenditure of the nature described in sections 30 to 36 of the Act and not being in the nature of capital expenditure or personal expenses of the assessee)
A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs. 9 Crores was paid by the assessee to the transferor who owned commercial rights towards the network and the facilities.
It was held that it is undisputed fact that the ‘Jorhar Unit’ of the assessee did not function at all in the present year and its assets although part of block of assets are identifiable and therefore as per provision of section 38(2) of the Act, depreciation is not allowable because assets of this unit were not used for business purposes in the present year.
The learned counsel for assessee justified the claim for depreciation on the ground that these amounts which were capitalized, represented expenditure incurred in raising finance for the acquisition of and/or for brining into existence capital assets and thus formed part of the cost of fixed assets.
By plain reading the words ‘any other business or commercial rights of similar nature’ in clause (b) of Explanation 3 to section 32 indicates that goodwill would fall under the expression ‘any other business or commercial right of a similar nature’.
Whether it is open to the assessee to claim depreciation for the current year and not claim unabsorbed depreciation of the previous years. Whether it is unabsorbed investment allowance which is to be allowed as set off in computing the income of the assessee or unabsorbed depreciation.
CIT Vs. S. Vijaya Kumar (Andhra Pradesh High Court) Individual items of centering and shuttering material used collectively in construction process constitute ‘Plant’ in terms of first proviso to section 32 (1), even if they can’t be used on stand alone basis.
