Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...
CA, CS, CMA : Learn the correct way to calculate and apportion depreciation using the Written Down Value method for accurate scrap value over an...
Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...
Income Tax : Rates of depreciation applicable for income tax purposes from assessment year 2003-04 to 2025-26. This guide includes rates for ta...
Income Tax : Learn how to optimize corporate tax planning through depreciation. Explore key provisions, asset considerations, and methods for m...
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 Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act t...
Income Tax : Punjab and Haryana High Court refused to de-freeze bank account of company alleged to have dishonestly induced individuals/ invest...
Income Tax : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : The assessee is into development and construction of a project. The case was selected for scrutiny and AO issued notices u/s 142(1...
Income Tax : ITAT Mumbai held that disallowance under rule 8D(2)(ii) r.w.s. 14A of the Income Tax Rules should be made on average value of inve...
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...
In a landmark ruling, ITAT Mumbai grants Vodafone the right to claim depreciation on goodwill, clarifying that amendments by Finance Bill 2021 apply prospectively from AY 2021-22.
Allahabad High Court rules in favor of Flipkart, emphasizing that the burden of proof for income escaped assessment lies with the assessing authority, not the taxpayer.
ITAT Hyderabad rules in favor of S&P Capital IQ, allowing depreciation on goodwill as deductible under Section 32(1) of the Income Tax Act, 1961.
NCLT Kolkata held that successful bidder of the Corporate Debtor is allowed to file application before Adjudicating Authority claiming reliefs and concessions, however, such reliefs and concessions cannot be too elaborate and general and must be in consonance with process document in the liquidation proceedings.
ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said that that cease to exist.
Explore the NCLAT Chennai judgment on Ramesh Kesavan Vs CA Jasin Jose. CoC’s approval of Resolution Plan below Liquidation Value analyzed. Learn about Edelweiss exclusion, valuation concerns, and shareholder locus challenges.
ITAT Mumbai held the goodwill arising on business reorganization i.e. amalgamation, slump sale, demerger etc. is a depreciable intangible asset under section 32 of the Income Tax Act.
ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’.
Explore the ITAT Bangalore order in the case of I&B Seeds Pvt Ltd vs ACIT, directing re-adjudication on the claimed depreciation for goodwill arising from a slump sale.
ITAT Mumbai held that foreign exchange loss incurred by the assessee attributable to purchase of material is revenue expenditure and it cannot be included in the cost of project. Accordingly, the same is allowable as deduction.
