Home Highlights February 2014 Year 2014 This

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1. Depreciation on Set Top Boxes (STB) - @80% OR 15% - STB’s are energy saving devices OR electrical equipment - Set Top Box is a device connected to a TV and which allows...

2. Claim of assessee for depreciation @ 80% of energy saving devices denied - after the introduction of concept of “block of assets”, the assets loose identity the moment...

3. Disallowance of depreciation on account of energy saving and pollution control devices - AO has not disputed the fact that the devices were installed. The level of...

4. The copy of certificate of the engineer of vendor is not sufficient to allow the claim of assessee at higher rate of 80% - assessee has failed to furnish the product...

5. Additional depreciation on energy meters @80% - in the first round of proceeding ITAT direct AO to allow depreciation @ 80% after verification - AO again disallow...

6. Depreciation on energy saving devices - as depreciation claimed by assessee is in terms with the statutory provisions, AO was not justified in interfering with the same. - AT

7. Transformers supplied by the assessee along with other machinery for setting up a hydel project constitute a part of a renewable energy device and it falls within Entry...

8. Depreciation on foreign exchange fluctuation loss - foreign currency term loan availed for purchase of windmill - since the assessee has capitalized and claimed...

9. Excess rate of depreciation - energy saving devices – scope the term 'before due date' - When the time of filing the return is available to the assessee till the last...

10. Deduction u/s 80-IA - assessee has not set up any power plant but only operating and maintaining the power plant set up and is a contractor for the purpose of rendering...

11. Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is...

12. Non-granting of deduction in respect of depreciation u/s.32 - correction in the ITR - the CIT(A)’s claim that the assessee the assessee has filed a revised return...

13. Exemption u/s 11 denied - grants received by the assessee - Such grants were not the donations or voluntary contribution u/s 12 - The grants received by the assessee for...

14. 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...

15. Higher rate of Depreciation - CIT(A) allowed depreciation @ 80% for the reason that the assessee has not restricted the depreciation on Cylinders, Valves and regulars,...