Allowance of depreciation at 50% - Only because the inauguration ...

Full Depreciation Allowed: Tax Dept. Lacks Evidence Against Asset Readiness Before October 22, 2007 Inauguration.

July 4, 2015

Case Laws Income Tax AT

Allowance of depreciation at 50% - Only because the inauguration took place in October, 2007 that cannot be a sole criteria to deny assessee’s claim of depreciation at the full value when there is no material brought on record by the department to show that the plant and machinery and electrical installations were not ready for use prior to 22.10.2007 - AT

View Source

← Previous Next →

Allowance of depreciation at 50% - Only because the inauguration ...

Full Depreciation Allowed: Tax Dept. Lacks Evidence Against Asset Readiness Before October 22, 2007 Inauguration.

July 4, 2015

Case Laws Income Tax AT

You may also like:

The ITAT held that: The department cannot challenge the validity of the sanctioned scheme at the implementation stage as the scheme attains statutory force binding on...

Allowance of depreciation - depreciation on toll road as building - ownership of the assets - depreciation allowed - AT

Assets given on lease and returning back to the assessee and again given on lease depreciation is required to be allowed once the assets purchased in the earlier year...

Disallowance of interest and financial expenses was not justified as the appellant paid interest and financial expenses to State Bank of India, Overseas Branch,...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and...

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...

Eligibility for depreciation in respect of the intangible asset by way of trademark allowed - AT

Depreciation on assets – Application of funds – Depreciation is allowed on cost of assets which have been fully allowed as application of income u/s 11 - AT

Disallowance of depreciation rejecting concept of 'Block of Asset' - use of individual assets - business use of each item of a block of assets is not necessary for...

When the Income-tax Officer stated that full expenditure had been allowed in the year of acquisi tion of the assets, what he really meant was that the amount spent on...

Disallowance of depreciation u/s 32 - Plants not in operation - The BIFR directions do not override the provisions of Act. As long as the ownership of the assets...

Depreciation on assets taken on lease - once any asset enters into block asset and claim of depreciation in very first year is allowed, in subsequent year the...

Disallowance of depreciation on guest house - assessee has claimed depreciation @ 10% on guest house, which is applicable to factory and office buildings - assessee had...

Non-admission of additional evidence by CIT(A) was improper as the evidence went to the root of the matter. Late payment surcharge (LPSC) cannot be taxed as income due...

Quick Updates: