Home Highlights May 2016 Year 2016 This

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1. Additional depreciation u/s 32(1)(iia) - asset put to use for less than 180 days - remaining 50% of allowable additional depreciation in the subsequent assessment year -...

2. Since assets were put to use for less than 180 days, depreciation claimed only 50% of 15% - Balance additional depreciation was claimed by in instant assessment year -...

3. Disallowance of Additional Depreciation u/s 32(1)(iia) - 50 % (@ 10%) disallowed being used less than 180 days - balance additional depreciation @ 10% on such new plant...

4. Assessee had claimed depreciation on carats @ 100%, however, AO allowed @ 50% - Depreciation on carats as claimed by the assessee is allowed - AT

5. Additional depreciation on the plant and machinery - 50% of the additional depreciation was only claimed during the first year - the assessee is entitled for additional...

6. Disallowance of expenditure towards development of property - no supporting bills of expenditure were provided - CIT(A) has allowed on ad hoc basis only 40% of the...

7. Allowance of additional depreciation - assets purchased after 01/10/2010 - the assessee only claimed 10% of the additional depreciation in the assessment year 2011-12....

8. Additional Depreciation u/s 32 - claim of 10% (50% of 20%) in the first year and balance 10% in the second year - the balance 10% additional deduction can be availed in...

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

10. The ITAT Pune ruled on two key issues: 1) Treatment of subsidy under IPS Scheme 2007 for depreciation calculation - Held that subsidy should not be reduced from actual...

11. Additional depreciation on ATMs - whether Automated Teller Machines are substantially in the nature of computers - Held Yes - AO directed to allow depreciation @ 60% to ATMs - AT

12. Allowance of additional depreciation - asset put to use for less than 180 days during the earlier year - assessee has claimed balance of depreciation @10% (i.e. 50% of...

13. Additional depreciation on energy meters @80% - in the first round of proceeding ITAT direct AO to allow depreciation @ 80% after verification - AO again disallow...

14. The Appellate Tribunal addressed various issues in the case. It directed the AO to delete the disallowance of consequential depreciation on unverified expenses and remit...

15. Disallowance on additional deprecation claimed as plant and machinery other than milk can equipments - The extra depreciation allowable u/s 32{1) (iia) in an extra...