Home Highlights September 2014 Year 2014 This

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1. 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...

2. Depreciation disallowed on the reason that 4 trademarks have been included in the block of assets are not put to use - in relation to block of assets, it is not possible...

3. Depreciation - During the year the entire unit was not put to use - The said block of assets was used for the purpose of business during the year. Under the...

4. CENVAT Credit - input services - air travel agency - There is no denial to the fact that the air-travel agency service, in the present case has been used for business...

5. 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...

6. Disallowance of membership fee paid to club u/s. 37 - unless assessee demonstrate with relevant evidences that subscription fee paid to club, is for the purpose of...

7. Disallowance of depreciation - no business activity was carried out by the assessee company - The use of individual asset for the purpose of business may be examined...

8. 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...

9. Addition u/s 68 - Loan taken from shell company - There is no dispute with regard to utilization of funds in the business and applied for the business purpose. As long...

10. Disallowance of depreciation on car - use of car for personal purposes - it is for the AO to bring on record to suggest use of asset for personal purpose. In this case,...

11. Addition u/s 36(1)(iii) - deduction towards interest paid on loans borrowed for business purposes - Merely for the reason that there is no rental payment for current...

12. Foreign tour expenses - Expenses for business purpose or not – assessee failed to demonstrate that trips undertaken by the Directors of the assessee company was for the...

13. Depreciation on car purchased in the name of the Director - Depreciation @15% claim has been disallowed as asset could not be said to be of the company - However, AO...

14. Disallowance of depreciation on galas as given on rent - the primary condition as envisaged by Section 32 to claim the depreciation is that the assets should be used for...

15. Depreciation on assets of hire purchase and leasing business – setting up of new business i.e. new source of income - There is no interconnection between the businesses...