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...
Pr. CIT Vs NTPC Sail Power Co. Pvt. Ltd. (Delhi High Court) Electricity is capable of abstraction, transmission, transfer, delivery, possession, consumption and use like any other movable property. Following the same logic, to deny the benefit of additional depreciation to a generating entity on the basis that electricity is not an ‘article’ or ‘thing’ […]
We noted that in the very first year i.e. AY 2011-12, the depreciation has already allowed the claim of depreciation. We noted that in the income tax code, there is a provision/ concept of block of asset and once any asset enters into block asset and claim of depreciation in very first year is allowed, in subsequent year the deprecation cannot be disallowed in case the first year is not
The Principal Commissioner of Income Tax-1 Vs Ankur Protein Industries Ltd. (Gujarat High Court) Whether the Appellate Tribunal has erred in law and on facts in allowing carry forward of unabsorbed depreciation following Circular No. 14 of 2001 without appreciating that the amendment to the Finance Act was prospective? Current depreciation is deductible in the […]
MakeMy Trip (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) As regards the penalty based on addition on account of difference in rate of depreciation on computer peripherals, the Assessing Officer has observed that the assessee made a wrong claim of depreciation @ 60% on printers, UPS, computer stationery, routers and scanners by clubbing them with […]
It is now a settled position as held by the Hon’ble Supreme Court and the various Coordinate Benches of the Tribunal that the process of generation of electricity is akin to manufacture of an article or thing, the assessee in the instant case satisfy the requirement that it is engaged in the business of manufacture or production of an article or thing.
Where non-resident agents appointed by assessee for procuring export orders did not have permanent establishment in India and their activities as commission agents are being carried out outside India, merely because a portion of the sale to the overseas purchasers took place in India, would not make assessee liable to deduct tax at source under section 195.
ITAT held that CIT(A) rightly directed Assessing Officer to allow the assessee’s claim of depreciation @ 25% treating the toll way rights as an intangible asset under section 32(1)(ii) of the Income Tax Act, 1961.
Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai) The sole subject matter of present appeal is to adjudicate whether the assessee would be eligible to claim depreciation on certain premises, which although forms part of block of assets,has been let out during the impugned AY & earned certain rental income which has been assessed as […]
Section 32(1)(ii) Rights acquired by the assessee under the said agreement not only give enduring benefit, protected the assessee’s business against competence, that too from a person who had closely worked with the assessee in the same business. The expression ‘or any other business or commercial rights of similar nature’ used in Explanation 3 to sub-section 32(1)(ii) is wide enough to include the present situation and make Assess eligible to claim depreciation on Non-compete rights.
Ralhan Construction Company Vs ACIT (ITAT Delhi) Regarding disallowance out of vehicle expenses of Rs.1,03,295/-, it is observed that the depreciation of Rs.49093/- is included in it. The depreciation is fixed expenditure in nature whether it is used exclusively for the business or partially for personal use. Thus, the element of some personal use has […]
