Home Highlights May 2013 Year 2013 This

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1. Depreciation on toll road/bridge - assessee establish, finance, design, construct, operate and maintains a NOIDA-Bridge across the river 'Yamuna' under the BOOT basis -...

2. Validity of reopening of assessment u/s 147 - Issuing of notice u/s 148 in the wrong name - it was only a typographical error in first name of the assessee though other...

3. The AAR ruled that organizing physical/offline games or tournaments of contract bridge played for money does not constitute supply of 'specified actionable claims' u/s...

4. Depreciation on boiler - CIT (A) has not committed any error in allowing depreciation at the correct rate even though the assessee had claimed depreciation at a lesser...

5. Depreciation on two wheeler vehicles and Car purchased in the name of directors - beneficial owner of asset - only registration in the name of director is not sufficient...

6. Depreciation on Car - Assessee has not earned any revenue from hotel business - The assessee company is in existence under the Companies Act and it has to fulfill...

7. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

8. Claim of higher depreciation of ‘Bizerba weighing scales’ - A photocopy (xerox) machine can also be attached to a computer, however, that does not entitle it for...

9. Disallowance of depreciation - Vehicles registered in the names of the purchasers and financed by the assessee under a hire purchase agreement - depreciation allowed - HC

10. Additions against fixed deposit in the name of family members and interest income - Admittedly, the amount of fixed deposit in the name of family members can adequately...

11. Disallowance of depreciation - No production of manufacture activity – depreciation had to be allowed though assessee had discontinued its business - AT

12. Revision u/s 263 by CIT - Depreciation on road and toll bridge constructed by the assessee - Tribunal has erred in concluding that the Assessing Officer has taken one of...

13. Long-term capital gains deduction u/s 54F can be claimed for investment in a residential property not solely owned by the assessee. The assessing officer's sole...

14. Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee....

15. Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...