Tag Archives: section 32

Depreciation allowed on License/registration fee paid to Indian Railways

By | March 4, 2020

ACIT Vs Central Warehousing Corpn. (ITAT Delhi) ITA No. 5449/Del/2017 12/02/2020 Related Assessment Year : 2012-13 FULL TEXT OF THE ITAT JUDGEMENT Challenging the order dated 21/03/2017 in appeal No. 40/15-16 passed by the learned Commissioner of Income Tax (Appeals)-2, New Delhi (“Ld. CIT(A)”), for assessment year 2012-13, in the case of M/s. Central Warehousing… Read More »

Depreciation allowed on landscape expenses on uneven leasehold land

By | April 19, 2017

Held The assessee has incurred the landscape expenses on the leasehold land situated at Sikkim Unit to level the uneven land for construction of factory building. Since the same has been disallowed as capital in nature, the same should be included in the block of building and the assessee would be entitled for depreciation @10%.… Read More »

Depreciation upto only 40% allowed to domestic company u/s 115BA

By | November 10, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 103/2016 New Delhi, the 7th November, 2016 Income Tax S.O. 3399(E).-In exercise of the powers conferred by section 32, section 115BA and section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following… Read More »

Effluent Treatment Plant eligible for 100% Depreciation

By | August 2, 2016

IN THE ITAT MUMBAI BENCH ‘A’ Anushakti Chemical & Drugs Ltd. v. Additional Commissioner of Income-tax 10(3), Mumbai SANJAY ARORA, ACCOUNTANT MEMBER AND RAMLAL NEGI, JUDICIAL MEMBER IT APPEAL NO. 4340 (MUM) OF 2011 [ASSESSMENT YEAR 2006-07] MAY  18, 2016 Vijay Mehta for the Appellant. Mohd. Javed for the Respondent. ORDER Sanjay Arora, Accountant Member… Read More »

No Depreciation on Leasehold rights in land , it not intangible Asset : ITAT

By | July 24, 2016

Held we hold that by virtue of lease only an interest in land is created which does not qualify for allowance e of depreciation. IN THE ITAT BANGALORE BENCH ‘C’ Cyber Park Development & Construction Ltd. v. Deputy Commissioner of Income-tax, Circle 11(2), Bangalore SUNIL KUMAR YADAV, JUDICIAL MEMBER AND INTURI RAMA RAO, ACCOUNTANT MEMBER… Read More »

Districts notified as backward areas u/s section 32 and 32AD of Income Tax Act

By | July 21, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION INCOME-TAX New Delhi, the 20th July, 2016 S. O. 2478 (E).— In exercise of the powers conferred by section 32 and section 32AD of the Income-tax Act, 1961 (43 of 1961), the Central Government… Read More »

Unabsorbed depreciation allowed to be carried forward even if return filed belatedly

By | May 4, 2016

Issue Where the assessee  filed the return after expiry of time prescribed u/s 139(1), whether he is eligible to carry forward and set off of such unabsorbed depreciation as per section 139(3) and section 80 of the Act. ? Held Whereas, section 80 of the Act requires that return be filed as per section 139(3) of the Act… Read More »

Intellectual property rights come within the definition of ‘plant’ : Supreme Court

By | November 1, 2015

would intellectual property rights such as trademarks, copyrights and know-how come within the definition of ‘plant’ in the ‘sense which people conversant with the subject matter with which the statute is dealing, would attribute to it’? The Supreme Court opines, this must be answered in the affirmative for the reason that there can be no… Read More »

Depreciation on Increased cost of Asset due to Withdrawal of exemption of Custom duty certificate has to be computed from Year of Withdrawal : HC

By | October 26, 2015

Facts of the Case :- Assessee imported hospital equipments during years 1988-89 and 1992-93, without payment of custom duty on basis of a Customs Duty Exemption Certificate (CDEC). Imported equipment was capitalized by assessee on actual value of equipment paid by it. Subsequently, CDEC granted to assessee was withdrawn on . Later, by an order dated… Read More »

Payment to retiring partner above his capital is depreciable as goodwill

By | October 20, 2015

Facts of the  Case :- Assessee firm made payments to retiring partners over and above their capital in firm for acquiring commercial rights and disclosed as goodwill . Issue : Assessee claimed depreciation on said goodwill  Assessing Officer was of view that assessee was not eligible to claim depreciation of goodwill and accordingly disallowed claim… Read More »