Claim of depreciation - CIT(A) has reduced the purchase value by ...

CIT(A) Cuts Asset Value by 50% for Depreciation Without Justification; Decision Challenged for Lack of Evidence.

January 1, 2020

Case Laws Income Tax AT

Claim of depreciation - CIT(A) has reduced the purchase value by 50% and allowed depreciation thereon - CIT(A) failed to record that on what basis he has reduced 50% of the purchase value - When the evidences and details produced by the assessee, action of CIT(A) is not justified.

View Source

← Previous Next →

Claim of depreciation - CIT(A) has reduced the purchase value by ...

CIT(A) Cuts Asset Value by 50% for Depreciation Without Justification; Decision Challenged for Lack of Evidence.

January 1, 2020

Case Laws Income Tax AT

You may also like:

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...

Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year...

Computation of Capital gains u/s 50 - deduction of notional depreciation on unused assets - When assets not is use no notional depreciation - Section 50 nowhere...

ITAT held that gains from sale of trademarks "Coldarin" and "Raricap" acquired prior to 01/04/1998 qualify as Long Term Capital Gains, not Short Term Capital Gains....

Claim of depreciation - Bifurcation of slump price into the value of tangible assets and intangible assets - Ultimately after the slump price has been attributed first...

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 -...

The NCLAT dismissed an appeal challenging procedural aspects of liquidator fee determination without contesting the Stakeholders' Consultation Committee's (SCC) actual...

The ITAT held that: The department cannot challenge the validity of the sanctioned scheme at the implementation stage as the scheme attains statutory force binding on...

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...

Appellants challenged enhancement of values of imported 'Induction Cookers' by respondent without following best assessment method or providing admissible evidence....

Revision u/s 263 - commission paid to the MD to be disallowed - Even though it has not claimed 100% of the quantum of the value of assets due to the fact that the assets...

Allowance of depreciation - depreciation on toll road as building - ownership of the assets - depreciation allowed - AT

TPA - Capital assets - The application of the ALP, if required, will give rise to the recomputation of the revised value of the purchase of fixed assets. Such an...

Assessee developed intangible assets by incurring expenditure and valued them based on historical cost as per Accounting Standard (AS)-26, which prescribes cost basis...

Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

Quick Updates: