Depreciation u/s 32 - scope of the term "Plant" - bottles and ...

Court Rules Bottles and Crates Qualify as "Plant" for Depreciation u/s 32(1)(i) of Income Tax Act.

July 7, 2022

Case Laws Income Tax HC

Depreciation u/s 32 - scope of the term "Plant" - bottles and crates appellant-assessee uses in the course of carrying out its business can be treated as plant within the meaning of Section 32(1)(i) - merely because the bottles and crates do not fall under the categories listed in Item 2 of the Schedule, it cannot be said that they need to be excluded from the definition of “Plant”, if they, otherwise fall within the definition of “Plant”. - HC

View Source

← Previous Next →

Depreciation u/s 32 - scope of the term "Plant" - bottles and ...

Court Rules Bottles and Crates Qualify as "Plant" for Depreciation u/s 32(1)(i) of Income Tax Act.

July 7, 2022

Case Laws Income Tax HC

You may also like:

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...

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...

Method of communication of notice - The High Court examined the provisions of Section 282(1) of the Income Tax Act, 1961 and Rule 127(1) of the Income Tax Rules, 1962...

Revision u/s 263 - depreciation claimed on goodwill arose out of amalgamation - PCIT has assumed jurisdiction u/s. 263 of the Act on the sole basis of application of 5th...

The case concerns the retrospective nature of an amendment to u/s 32(1)(ii) by the Finance Act, 2015, relating to additional depreciation on plant or machinery. The...

Claiming Depreciation u/s 32 while claiming exemption u/s 11 - whether while computing income under section 11(1)(a) of the Income Tax Act, 1961, depreciation is not to...

Disallowance of depreciation on goodwill created in the scheme of amalgamation - The ITAT allowed the claim for depreciation on goodwill, aligning with the precedent set...

The Tribunal allowed the assessee's claim for depreciation on goodwill arising from amalgamation u/s 32(1)(ii), following the Supreme Court's decision in Smifs...

Income-tax (seventh Amendment) Rules, 2012 - Amends rule 12(1) - Notification

Disallowance of Additional Depreciation u/s 32(1)(iia) - 50 % (@ 10%) disallowed being used less than 180 days - balance additional depreciation @ 10% on such new plant...

Additional depreciation - business of manufacture of cold drinks - the assessee is legally entitled to avail the benefit of additional depreciation under Section...

The ITAT ruled that denial of weighted deduction under s.35(2AB) does not prevent the assessee from claiming normal deduction for R&D expenditure under s.35(1)(i)...

Depreciation on P&M claim at lessor rate than eligible – Assessee wrongly claim depreciation at lessor rate in 3CD - As per the provision of sec. 32(1) & 32 (1) (i)...

Additional depreciation u/s 32(1)(iiia) - whether the process of blending of butane and propane which is carried out in scientific manner, with use and aid of...

Eligibility for additional depreciation u/s 32(1)(iia) on plant and machineries relating to Seed Division - the instant activity of the assessee is held to be an...

Quick Updates: