Home Highlights April 2013 Year 2013 This

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1. 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 -...

2. Providing of cash van service with security guard is covered under ‘cash van service’ and cannot be termed as ‘security services’ as the dominant service is...

3. Disallowance of depreciation on vehicle on the ground of personal use - Once the claim of depreciation on passenger vehicle is accepted by the AO then the depreciation...

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

5. Depreciation on apple ipad - at the general rate of 15% OR 60% - whether the iPad falls in the definition of computer or mobile phone? - in case the assessee wishes to...

6. 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...

7. 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...

8. Supply of goods or not - transport of money by cash-carry vans - goods or not - levy of GST - the compliance of the guidelines issued by the RBI will not detract the...

9. 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...

10. Depreciation on plastic mould - two wheeler manufacturer - it is immaterial whether the plastic /rubber moulds were used in the factory premises of the assessee or...

11. Higher claim of depreciation on Windmill – if the electrical works are specially designed devices to suit the need of windmills, then only the assessee is entitled for...

12. 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...

13. 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...

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

15. Input tax credit - purchase of motor vehicles i.e. cash carry vans - ITC is not available to CMS Info Systems Limited on purchase of motor vehicles i.e. cash carry vans,...