Rectification of mistake - Assessment of trust - depreciation on ...

Case Laws Income Tax

February 23, 2023

Rectification of mistake - Assessment of trust - depreciation on Fixed Assets denied - Assessee himself wrongly declared its income under the head ‘income from other sources" instead of Business Income - It is clear that not granting depreciation on Fixed Assets were mistake apparent from the record which could have rectified by the authorities below. - AO directed to verify and allow the claim as per law - AT

View Source

← Previous Next →

Rectification of mistake - Assessment of trust - depreciation on ...

Case Laws Income Tax

February 23, 2023

You may also like:

Disallowance of depreciation claimed by the assessee u/s 32 on the fixed assets acquired/purchased during the year - asset put to use or not? - Once a new factory has...

Claim of depreciation - capitalisation being pre-commencement rent and other expenditure incurred - Section 32 of the Act allows depreciation on actual cost of the...

Rectification of mistake - if we are to quash the assessment order, as being urged by the learned counsel, these rectification powers will be preempted in the sense that...

Rectification of mistake - Computation of income u/s. 154 - the non adjustment of brought forward depreciation from profits and gains of business and profession, for...

TP Adjustment - Purchase of fixed assets - TPO added the entire amount of fixed assets purchased by the assessee from its AE’s during the year - the fixed assets...

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...

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...

Rectification u/s 154 - under-assessment of income qua the foregoing depreciation/additional depreciation issue(s) - The Tribunal considered the Revenue’s contentions...

Disallowance of depreciation allowance - WDV - plant and machinery were not used during the year due to change in business model - nce an asset is part of the block of...

Claim of assessee for depreciation @ 80% of energy saving devices denied - after the introduction of concept of “block of assets”, the assets loose identity the moment...

Rectification of mistake u/s 254 - Depreciation on the non-compete fee denied - CIT(A) allowed the claim - ITAT rejected the claim - Whether AO has accepted the claim of...

Disallowance of depreciation on guest house - assessee has claimed depreciation @ 10% on guest house, which is applicable to factory and office buildings - assessee had...

The Tribunal held that in a case involving a requisition u/s 132A of the Act, the jurisdiction to complete the assessment is governed by the provisions of Section 153A....

The ITAT Pune ruled on two key issues: 1) Treatment of subsidy under IPS Scheme 2007 for depreciation calculation - Held that subsidy should not be reduced from actual...

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

Quick Updates: