Home Highlights September 2012 Year 2012 This

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1. Delhi Tribunal grants additional depreciation on assets purchased for power generation - Article

2. Estimation of income - Bogus purchases - CIT(A) has disallowed 25% of the purchases on the grounds that the assessee could have made some super profits - The tribunal...

3. Depreciation on foreign exchange fluctuation loss - foreign currency term loan availed for purchase of windmill - since the assessee has capitalized and claimed...

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

5. Depreciation on leased out Air Jet Spindle Assembly and Positar Disc / leased out LPG cyclinders - the assessee was not entitled to depreciation. - HC

6. Goods classified as 'Zero Air' cleared by appellant from December 2002 to June 2007 were classifiable under Chapter Heading 2804 attracting 16% duty, not under Chapter...

7. Depreciation on car purchased in the name of the Director - Depreciation @15% claim has been disallowed as asset could not be said to be of the company - However, AO...

8. Valuation - air travel agent service - addition of amount of fuel surcharge to the air fare for the purpose of determining the “basic fare” - The appellant had produced...

9. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

10. Depreciation on the LPG Cylinders - loaning of the cylinders against security deposit - depreciation allowed - AT

11. 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....

12. The Appellate Tribunal addressed the disallowance of depreciation claimed on software purchases u/s 40(a)(i)/(ia) due to non-deduction of tax at source. The AO contended...

13. Depreciation on two wheeler vehicles and Car purchased in the name of directors - beneficial owner of asset - only registration in the name of director is not sufficient...

14. Depreciation on goodwill – assessee purchased the business lock stock and barrel and has shown the value of the goodwill right from the acquisition onwards -...

15. Disallowance of depreciation - Vehicles registered in the names of the purchasers and financed by the assessee under a hire purchase agreement - depreciation allowed - HC