The asset is put to repair and the material used for repair of ...

Depreciation Claim Allowed: Repair Materials Not Considered Scrap Value Under Asset Sale or Demolition.

September 7, 2015

Case Laws Income Tax AT

The asset is put to repair and the material used for repair of plant & machinery cannot be said to be the scrap value on account of sale or discarding or demolishing or disturbing of the asset in question. - claim of depreciation allowed - AT

View Source

← Previous Next →

The asset is put to repair and the material used for repair of ...

Depreciation Claim Allowed: Repair Materials Not Considered Scrap Value Under Asset Sale or Demolition.

September 7, 2015

Case Laws Income Tax AT

You may also like:

ST – repair & maintenance Service – sales tax / VAT paid on material – deduction allowed

Sale of scrap generated while repairing building - to be taxed as separate income or to be adjusted against the written down value of the block of asset - the scrap sale...

Computing the capital gain on sale of assets - WDV of depreciable assets - Exemption u/s 11 - the assessee has partly claimed the depreciation on this asset and when the...

Valuation - Management, maintenance or repairs - The materials used for repair cannot be considered as spare parts - value of material to be included in the value of services - AT

Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

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...

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...

Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year...

Claim of depreciation - Bifurcation of slump price into the value of tangible assets and intangible assets - Ultimately after the slump price has been attributed first...

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...

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...

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

Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...

Obsolete Stores/Stock - the assessee was following mercantile system of accounting and hence, scrap value had to be considered in the present year itself and it could...

Value of assets for the purpose of calculation of depreciation - sale of assets - u/s.43(6) of the Act, the WDV of the block of assets is to be reduced by the sale...

Quick Updates: