Higher depreciation claim - Receipt from business of hiring of ...

Higher Depreciation Rate of 30% Approved for Assessee Earning 2/3rd Income from Hiring Plant and Machinery Business.

December 25, 2020

Case Laws Income Tax AT

Higher depreciation claim - Receipt from business of hiring of plant and machinery - The assessee’s claim is that since the substantial income i.e. 2/3rd of its income is from hiring business, it qualifies for higher depreciation @ 30%. - Claim allowed - AT

View Source

← Previous Next →

Higher depreciation claim - Receipt from business of hiring of ...

Higher Depreciation Rate of 30% Approved for Assessee Earning 2/3rd Income from Hiring Plant and Machinery Business.

December 25, 2020

Case Laws Income Tax AT

You may also like:

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...

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,...

Eligibility of higher rate depreciation on truck chassis fixed with transit mixture - vehicle used for hire - no evidence that assessee has earned any receipt towards...

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...

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...

Allowance of depreciation @ 30% on written down value of motor cars - The security vans are customized, used for transportation of cash and valuables on hire -...

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...

Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and...

Depreciation on the Cranes given on lease to Oil India Limited @ 30% disallowed - according to the Revenue, such assets were not used for hire and, therefore, are not...

Assessee is entitled for depreciation on dumpers and pay loaders at the higher rate - AT

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Challenge to an approved Resolution Plan where no consideration was given to payment to an Operational Creditor. The key points are: Section 30(2)(b) mandates that...

The ITAT Ahmedabad addressed the jurisdiction of the AO over a corporate assessee with income exceeding Rs. 30 Lakhs in metro cities. The tribunal confirmed that income,...

Additions / Higher rate of depreciation @30% on heavy vehicle (Hyva and Tipper) - Main condition for availing of additional depreciation as carved out in the Act is that...

Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

Quick Updates: