Home Highlights April 2016 Year 2016 This

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1. Claiming Depreciation u/s 32 while claiming exemption u/s 11 - whether while computing income under section 11(1)(a) of the Income Tax Act, 1961, depreciation is not to...

2. Assessment of trust - claim of depreciation - Exemption u/s 11 - section 32 of the Income-tax Act providing for depreciation for computation of income derived from...

3. Claim of terminal depreciation - assessee had in fact claimed depreciation as contemplated under section 32 merely because it was termed as "terminal depreciation" was...

4. Exemption u/s 11 was not claimed in original return due to auditor's mistake in Form No. 10B. Assessee rectified mistake by filing revised Form No. 10B. Statutory claim...

5. Depreciation on P&M claim at lessor rate than eligible – Assessee wrongly claim depreciation at lessor rate in 3CD - As per the provision of sec. 32(1) & 32 (1) (i)...

6. Exemption u/s 11 - assessee a charitable institution u/s 2(15) - depreciation claimed on the cost of assets - the assessee is eligible for claiming depreciation as...

7. 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 -...

8. TP Adjustment - Claim of depreciation on software - no ownership claim of the assessee proved - Section 32 of the Act provides depreciation on the eligible assets owned...

9. Non-granting of deduction in respect of depreciation u/s.32 - correction in the ITR - the CIT(A)’s claim that the assessee the assessee has filed a revised return...

10. 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...

11. Claim of depreciation on capital assets - income which does not form part of total income as the same was exempted u/s 11 as application of income, the assessee cannot...

12. Exemption u/s 11 - promotion and development of the game of Cricket - proviso to section 2(15) is invoked in the case of the assessee as the activities of the assessee...

13. Depreciation on vehicles u/s 32 - @30% or 50% - special rate of depreciation - assessee has claimed depreciation @ 50% i.e. on tankers - Since the assessing officer has...

14. Once the unabsorbed carried forward depreciation has become a part of the depreciation of the current year, it is not open to the assessee to bifurcate the two again and...

15. Corpus donations, being distinct from incomes derived from trust property, are granted exemption separately u/s 11(1)(a) and 11(1)(d) of the Act. There is no overlapping...