Home Highlights January 2016 Year 2016 This

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1. Depreciation by adopting the stamp value as per the provision of Section 50C - As per the scheme of the provision of Section 32 r.w.s 43(6) of the Act, which is a self...

2. Depreciation allowability - determination of WDV - AO is directed to employ the deeming provision for computing the written down value de hors the depreciation granted...

3. Allowance of depreciation @ 30% on written down value of motor cars - The security vans are customized, used for transportation of cash and valuables on hire -...

4. Higher claim of depreciation on Windmill – if the electrical works are specially designed devices to suit the need of windmills, then only the assessee is entitled for...

5. 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 -...

6. Disallowance on account of depreciation on the amount written back from Capital Reserve - Determination of Cost of capital assets u/s 43(6) - The waiver of loan in the...

7. The Income Tax Appellate Tribunal (ITAT) adjudicated on two issues: disallowance of excess depreciation claimed on a building and disallowance of expenses. Regarding the...

8. The case pertains to the applicability of Section 43CA, which deals with the adoption of stamp duty value as the full value of consideration for computing profits and...

9. Allowability of depreciation @10% as against 100% claimed by the assessee - nature of expenditure on Civil work, flooring work, and finishing work, etc incurred as...

10. Reversal of CENVAT Credit - Valuation of exempted goods - The formula under Rule 6(3A) only requires the value of the exempted goods removed to be reckoned and not the...

11. Computing the book profit u/s 115JB - MAT - additional depreciation arisen as a result of change in the method of depreciation from Straight Line method (SLM) to Written...

12. Exemption from GST - supply of, services viz. execution of the civil works of Pazhassi small hydro electric project - The Kerala State Electricity Board Ltd falls under...

13. Non-Banking Finance Company (NBFC) - Interest - Reversal of CENVAT credit - Rule 6(3) and 6(3A) – The ratio of J/(J+K) works out to 47% as against 13.88% worked by...

14. Computation of depreciation while computing deduction under Section 32AB - HC

15. Customs Valuation Rules 2007 - Rule 12 allows rejection of declared transaction value and re-determination u/r 9 if identical/similar goods imported at comparable...