Income Tax : Learn how to optimize corporate tax planning through depreciation. Explore key provisions, asset considerations, and methods for m...
Income Tax : Understand the recent changes in tax audit responsibilities imposed by the Central Board of Direct Tax in India. Explore amendment...
Income Tax : In a landmark ruling, ITAT Mumbai grants Vodafone the right to claim depreciation on goodwill, clarifying that amendments by Finan...
Income Tax : Explore the landmark Supreme Court judgment on Income Tax Rules regarding depreciation claim. No deadline for choosing mode, only ...
Income Tax : Rates of depreciation applicable for income tax purposes from assessment year 2003-04 to 2024-25. This guide includes rates for ta...
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 : Delhi ITAT allows Section 80P(2)(d) deduction for Janta Adarsh Co-operative Thrift & Credit Society on interest earned from Co-ope...
Income Tax : Gujarat High Court dismisses Revenue’s appeal in CIT Vs Joshi Technologies, allowing additional depreciation on oil wells u/s 32...
Income Tax : Explore the detailed analysis of the Active Securities Ltd Vs ITO (ITAT Delhi) case regarding the taxation of rental income from l...
Income Tax : Read about the ITAT Delhis ruling on the deduction dispute between Genpact India and DCIT regarding freight, telecommunication cha...
Income Tax : Discover ITAT Bangalore's directive on re-evaluating depreciation disallowance claimed on asset acquisition in the case of ACIT vs...
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...
We have heard the rival submissions in the light of the material placed before us and the precedents relied upon. The assessee company was carrying on the business as licensed surveyors and loss assessors under the Insurance Act, 1938. During the relevant year the assessee did claim depreciation amounting to Rs. 12,50,000/- in relation to payment of non compete fee arising out of a restrictive covenants
The appellant-assessee is a private limited company. During the assessment year 1981-82 (accounting year ending on March 31, 1981), the assessee had purchased for the use of its staff seven low income group houses from the Housing Board. The assessee had made part payments and was in turn made allotment of the houses followed by delivery of possession
Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that two courses were open to the assessee, one being to claim depreciation and the other being forgo the depreciation and any course which is beneficial to the assessee could be adopted and the incidence of tax can be legitimately reduced
CIT v. Mother India Refrigeration (P) Ltd. (Supreme Court) Unabsorbed carried forward losses and current depreciation -Deduction of – Unabsorbed carried forward losses cannot be given preference over current depreciation While computing the total income of an assessee in an assessment year.
Whether ITAT was justified in allowing depreciation even though the particulars were not furnished in the appropriate part of the return of income but they were furnished in the course of the assessment proceedings before the Income-tax Officer at the latter’s requisition ?
Numerous instances have come to the notice of the Board where assessee’s claim for depreciation duly shown in the return was not considered by the Income-tax Officer because books of account produced were not properly maintained and it was necessary to estimate profits by invoking the proviso to section 13 of the 1922 Act.