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The crux of the matter is: what is the meaning to be ascribed to the expression used for the purposes of the business as found in Section 32 of the Income Tax Act, 1961. The provision of Section 32 pertains to depreciation. The contention of the Revenue is that with respect to any machinery for which depreciation is claimed under Section 32,
Section 32 of the Income Tax Act allows depreciation on both tangible and intangible assets and clause [ii] thereof enumerates the intangible assets on which depreciation is allowable. The assets which are included in the definition of `intangible assets’ given in clause [ii] are know-how, patents, copy rights, trademarks, licenses, franchises etc.,
Everything revolves around clause (iii) of section 32(1). The said clause provides that in case any of the assets specified therein on which depreciation is claimed and allowed under clause (i), is sold, discarded, demolished, and if the monies payable fall short of the w.d.v, such shortfall will be allowed
12.2 One can see very clearly that the clause (ii), introduced in section 32(1), w.e.f.01-04- 1999, not only extended the benefit of section 32 to the `intangible assets’ but also gave therein an `inclusive’ definition of the `intangible assets’, for this purpose. 15.4 It becomes clear from the above discussion that capability to have a market value, assignability
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.
