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...
Court considered whether admissions made by seller in settlement proceedings could affect purchaser’s depreciation claim. It held that such admissions do not undermine depreciation claimed on a bona fide slump sale.
ITAT Pune ruled that the Maharashtra PSI-2007 subsidy of ₹37.85 crore is a capital receipt. The order reversed CIT(A) and AO’s revenue treatment, protecting the assessee from taxation.
Tribunal held that additions for excess gold stock under Section 69A could not stand when purchases, job-work gold, and export stock were fully supported by invoices, confirmations, and bank records. The ruling emphasizes that reconciled and verified records override survey-time assumptions.
Court rules partial co-ownership of property constitutes ownership under Section 54F, disallowing exemptions claimed on reinvested capital gains. Tribunal’s earlier allowance set aside.
The Tribunal held that once sale proceeds are reduced from the asset block under section 43(6)(c), no separate tax can be levied on book profit. The addition was deleted to prevent double taxation.
ITAT Mumbai upholds CIT(A) decision allowing depreciation on goodwill created during amalgamation. Revenue appeals dismissed for 2018-19 and 2020-21 assessments.
The Tribunal held that fractional or joint ownership in residential property does not violate the Section 54F condition unless the assessee is the exclusive owner. Deduction was allowed because co-ownership cannot trigger the proviso.
Delhi High Court held that VAT (Audit) officer, not being jurisdictional officer, are not competent to complete assessment. Accordingly, assessment orders are quashed due to lack of jurisdiction.
The Tribunal held that MAT relief under section 115JB cannot continue once a company’s net worth becomes positive, as the scheme required only consideration—not automatic grant—of exemption.
The Tribunal held that the CIT(A) erred by dismissing the penalty appeal solely due to VSVS settlement of interest, without adjudicating the depreciation-related penalty. Key takeaway: all grounds must be decided on merits even when only part of the quantum is settled.
