Home Highlights March 2014 Year 2014 This

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1. Depreciation disallowed on medical instruments given on lease due to closure of business - The word 'used' would include actual use or at least keep ready for use -...

2. Allowability of depreciation on shuttering material - he assessee was the owner of the shuttering which was ready to use - Assessee is entitled for 100% depreciation - HC

3. Disallowance of depreciation on vehicle on the ground of personal use - Once the claim of depreciation on passenger vehicle is accepted by the AO then the depreciation...

4. Disallowance of Depreciation claimed on the machineries purchased at the end of the year - It is quite evident the machines were not only installed but ready to use as...

5. Depreciation on vehicles - 50% for half year - Cars purchased by the assessee were ready to use as on the date of purchase i.e. prior to 28th September 2011....

6. 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 -...

7. 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...

8. Disallowance of depreciation - asset ready to use VS put to use - the use of the plant and machinery depended upon the operation of the furnace which was not put to use...

9. Disallowance of depreciation of plant and machinery - even assuming for a moment, the asset was not put to use in the business of the assessee, but when the plant and...

10. Additional depreciation on Ready Mix Concrete [RMC] - assessee is not entitled for additional depreciation in respect of machinery used since production of ready mix...

11. Depreciation on boiler leased back - ownership of the impugned asset was with the assessee and the same was used for the purpose of business of leasing carried on by the...

12. Area based exemption - Ready Mix Concrete - it is clear that the assessee’s product i.e. Ready Mix Concrete (RMC) is not eligible for exemption - However, there is...

13. Depreciation on the boilers and windmill leased out by the assessee disallowed to the extent of 50% - unless various components and accessories of the boiler and...

14. Disallowance of depreciation claim - assessee has not carried out any business activity - The case of the assessee that the assets are kept ready for use and it was...

15. Depreciation u/s 32 – Plant ready for used but not used in actual due to unavailability of raw-material – business was a going concern and the machinery could not be...