Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2012 Year 2012 This

Whether the security deposits collected from customers on ...

Income Tax

December 10, 2012

Whether the security deposits collected from customers on letting out the Gas Cylinders is trading receipt, whether these Gas cylinders would constitute as plant as per Income Tax Act, if so, the depreciation to be granted at 100% on these Cylinders - both issues decided in favor of assessee - AT

View Source

 


 

You may also like:

  1. Security for gas cylinders received - the security for gas cylinders received by the assessee could not be treated as trading receipt. - HC

  2. Trading receipt - refundable contingency deposit representing sales tax collected in respect of disputed transactions during pendency of appeal before court - held as...

  3. Capital receipt or revenue receipt – financial schemes in which deposits were collected from the Public - The assessee is merely a custodian of the deposit - not taxable...

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

  5. Depreciation on the 1250 gas cylinders - leasing out of gas cylinders - assessee has proved ownership of these gas cylinders and use of these gas cylinders for business...

  6. Bottling of gas into gas cylinders, which requires a very specialized process and an independent plant and machinery, amount to production of ‘gas cylinders’ - deduction...

  7. Sale of gas cylinders to be included in the turnover or not - business of supply of gas cylinders to the consumers - sale of gas cylinders was liable to be included on...

  8. Depreciation - Whether the chlorine toners used by the assessee were gas cylinders – Gas cylinders including valves and regulators were entitled to depreciation at the...

  9. Valuation - Security Deposit - without investigation as to whether appellant has refused to refund security deposit to any person who has terminated services, it cannot...

  10. CENVAT Credit - transportation charges paid to GSPL - trading activity(output service) - the service of transportation of gas from the supplier of gas namely GSPC to the...

  11. Once the income from leasing those gas cylinders is accepted as the "business income", which is taxed at the hands of the assessee as such, we see no reason how the...

  12. Security deposit collected from its members refundable - whether receipts does not partake the character of income? - Held No - AT

  13. Levy of Service Tax - refundable security deposit collected by the Appellant from its customers - the said amounts are not collected towards any provision of service but...

  14. CIRP process - security deposit and/or intercorporate deposit - Whether this ‘Security Deposit’ and the interest thereon would fall within the ambit of the definition of...

  15. Valuation - includibility - amount collected as Interest free Maintenance Security as a deposit - The amount collected as deposit was merely a security and not an...

 

Quick Updates:Latest Updates