Tag: depreciation
Full year depreciation on vehicle can not be denied on the ground that registration was done later as assessee had vehicle in its possession. ABCAUS Case Law Citation:ABCAUS 3759 (2023) (06) ITAT Important Case Laws relied upon:National Thermal Power Corporation Ltd. vs. Commissioner of Income-tax (2012) 28 taxmann.com …
Gain on sale of fixed assets was not taxable under income tax act as sale consideration was reduced from block of assets ABCAUS Case Law Citation:ABCAUS 3749 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition …
Addition sustained for claiming accumulated depreciation in Profit and Loss Account instead of current year’s depreciation ABCAUS Neutral Case Law Citation:ABCAUS 3689 (2023) (03) ITAT Important Case Laws relied upon by parties: In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …
Once an asset is part of block, depreciation can not be denied non-use. The concept of “use” of assets has to apply upon block as a whole instead of an individual asset. In the instant case, the assessee had challenged the order passed by the CIT(A) in inter …
Depreciation allowable even if asset not used during the year when it formed part of block of assets ABACUS Case Law CitationABCAUS 3378 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Norplex Oak India reported in 198 Taxman 0470 In the instant case, the …
Depreciation disallowed on VAT portion of capital goods suspected to be purchased from grey market ABACUS Case Law CitationABCAUS 3364 (2020) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming disallowance of depreciation on capital assets purchased and used …
Depreciation allowable u/s 11(6) when assessee has not claimed cost of fixed assets as application of income in any previous year. ABCAUS Case Law Citation:ABCAUS 3245 (2020) (02) ITAT In this appeal filed by the assessee, the issue was related to disallowance of claim of depreciation u/s 11(6) …
Depreciation rate on printers under Income Tax. Computer peripherals like printers part of computer system & entitled for depreciation at the rate of 60% ABCAUS Case Law Citation:ABCAUS 3159 (2019) (09) ITAT Important case law relied upon by the parties:CIT Vs. Cactus Imaging India Pvt. Ltd.CIT Vs. Bses …
Depreciation and provision for maintenance on BOT project allowable. ITAT distinguished decision of Bombay High Court & held in assessee’s favour ABCAUS Case Law Citation:ABCAUS 3070 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Progressive Constructions Ltd, reported in (2018) 161 DTR 289Ashoka Infrastructure Ltd vs. …
Depreciation on intangible assets on conversion of proprietorship into private limited company allowed as the transaction was not considered sham ABCAUS Case Law Citation: ABCAUS 3019 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. Sandvik Chokshi Ltd. 55 taxmann.com 453 (Gujarat) Commonwealth Trust …