Home Highlights August 2012 Year 2012 This

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1. Application of the petitioners for registration as a “Valuer of Immovable Property” u/s 34AB of the Wealth Tax Act, 1957 rejected - it is not necessary to gain the...

2. Input tax credit - land filling pit can be considered as ‘Plant and machinery’ or as ‘civil structure’ - In the second explanation given in Section 17, while providing...

3. Depreciation on electrical fitting - plant and machinery v/s furniture and fixtures - It is necessary to have electrical fittings for the power supply to the machineries...

4. Depreciation on electric installations - to be classified as Furniture or Plant & Machinery - assessee failed to prove that electrical installations which are claimed to...

5. Input tax credit - inputs / capital goods / input services - Solar Power Generating Plant of the applicant qualify as 'plant and machinery' as it falls under machinery -...

6. Exemption u/s 10A - Percentage of new plant and machinery and old machinery - inclusion of plant and machinery received on returnable basis for determination of percentage - HC

7. Rejection of application for registration u/s 12AA(1)(ac)(iii) r.w.s 80G(5) - The Appellate Tribunal observed that the appellant was granted provisional registration...

8. The assessee is entitled to claim additional depreciation u/s 32(1)(iia) on electrical items forming part of plant and machinery, even if not engaged in manufacture or...

9. Depreciation - plant and machinery could not be used during the year due to shifting / relocation of plant - Though, the unit could not generate revenue during the year...

10. Stamp duty - Asserting value of immovable property - Comprehensive sale of all the assets and, in a single transaction - the sale deed operated to convey the rights over...

11. Disallowance of depreciation claimed by the assessee u/s 32 on the fixed assets acquired/purchased during the year - asset put to use or not? - Once a new factory has...

12. Disallowance of excess depreciation of electrical installation - since the assessee is engaged in manufacturing of cotton yarn and the electrical installation for which...

13. Disallowance of depreciation of plant and machinery - even assuming for a moment, the asset was not put to use in the business of the assessee, but when the plant and...

14. Depreciation on block of assets @60% - AO held that the media resource board is plant and machinery but is not a computer by holding it to be a telecom equipment and...

15. Disallowance of depreciation - revenue doubts existence of plant and machinery - assessee has neither able to substantiate by way of any agreements entered into by it,...