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Income Tax : Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certai...
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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...
ITAT Delhi held that disallowance of genuine claim of depreciation merely because the depreciation figure is not reflected in column no. 45 of ITR is unsustainable in law. Action of lower authorities of disallowing the genuine claim of depreciation on a very flimsy reason is unjustified.
ITAT Bangalore held that assessee, being a employees housing co-operative society, is eligible for deduction u/s 80P(2)(d) in respect of interest earned from co-operative banks.
ITAT Bangalore held that the adjustment made by the TPO towards technical know-how fees despite accepting the entity level margins is liable to be deleted.
ITAT Pune allows vehicle expenses for cars used by director employees as business expenses in the case of M/s. Pushpak Steel Industries Pvt. Ltd. The decision emphasizes that personal use by directors doesn’t classify as non-business use, citing relevant precedents. Gain insights into the case, the issues addressed, and the ITAT’s rationale. Stay informed on tax matters.
ITAT Chennai held that depreciation towards payment as non-compete fee for purpose of business of assessee is duly allowable.
ITAT Bangalore held that depreciation under section 32 of the Income Tax Act is allowable only when the asset is put to use for the business purpose. Notably, the onus is on the assessee to prove that the assets are put to use for the business purposes only.
ITAT Delhi held that it is settled principle of law that crates and bottles have been allowed depreciation. Accordingly, the claim of depreciation is allowable.
ITAT ruled that the right to operate toll roads and collect toll charges should be classified as an ‘intangible asset’ and can also be regarded as a business or commercial right.
ITAT Hyderabad held that the net balance of purchase consideration paid, and the value of net assets acquired is Goodwill and once the existence of Goodwill is established, Depreciation on such goodwill cannot be questioned further.
ITAT Delhi held that there is no transfer of assets in case of the shifting of plant & machinery from fixed assets to current assets. Accordingly, there is no question of determination of capital gain.
