Home Highlights November 2016 Year 2016 This

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1. Higher rate of depreciation - machinery is put on hire in the business - the assessee has not shown any hire charges in respect of heavy earth moving machineries used by...

2. 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...

3. Depreciation on apple ipad - at the general rate of 15% OR 60% - whether the iPad falls in the definition of computer or mobile phone? - in case the assessee wishes to...

4. Rate of Depreciation on vehicles 15% or 30% - commercial vehicles - There was no evidence to show that the vehicles were used for running them on hire - the assessee is...

5. 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...

6. This circular clarifies the scope of regularization on an "as is" or "as is, where is" basis mentioned in previous GST circulars issued based on GST Council...

7. Higher rate of depreciation - Depreciation on business of civil contract @30% or 15% - in the case of assessee’s own business, the wear and tear is lesser than the...

8. Higher rate of Deprecation on vehicles - the assessee that the assessee is eligible for higher rate of depreciation at the rate of 30%. Merely because the invoices...

9. Higher rate of Depreciation on co-generation plant - The assessee is entitled for a higher rate of depreciation in the case of RCC Chimney, Bagasee Drier, DC Drier,...

10. Higher rate of depreciation on account of hiring of vehicles - Since the issue in the instant case is a highly debatable issue, i.e. whether the assessee is entitled to...

11. Claim of higher depreciation of ‘Bizerba weighing scales’ - A photocopy (xerox) machine can also be attached to a computer, however, that does not entitle it for...

12. Higher rate of Depreciation - Prime requirement is that moulds should be owned by the assessee, the same should be part of block assets shown by the assessee and these...

13. Classification of Bypass Toll Road – Building or Plant - the toll road would not qualify as a ‘plant’ so as to entitle the assessee a higher rate of depreciation - HC

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

15. Revision u/s 263 by CIT - claim of higher depreciation at the rate of 30% on vehicles - Even in the 263 proceedings before Ld. Pr. CIT and in the proceedings before us,...