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Depreciation

ITAT upholds PCIT Order on Depreciation Disallowance, holds AO Ignored Rental Terms and Asset Usage Facts [Read Order]

Akhaigha T Josh

The ITAT Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has upheld the revisionary order passed by the Principal Commissioner of Income...

ITAT Allows Rs. 6.47 Crore Lease Rent Expense as Deduction Citing Lessee’s Right to Claim...

AO adds Building Depreciation Amount and Loan Amount: ITAT restores matter to Consider Additional...

Assessee’s Income should be Chargeable under Head “Income from Other Sources” for Depreciation...

Allowance of Additional Depreciation of Oil Well u/s 32(1) (iia) of Income Tax Act: Gujarat HC...

ITAT allows Depreciation claim u/s 80IC for Building, Factory, Furniture and Plant Machinery Blocks [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Delhi, allowed depreciation claim under Section 80IC of Income Tax Act, 1961, for building, furniture, and plant machinery blocks. The assessee is a...

Failure to provide details for Commissioning of Assets on different dates to compute Depreciation: ITAT dismisses Appeal [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, while dismissing the appeal filed by the assessee, observed that the assessee failed to provide details for the commissioning of assets on...

[BREAKING] Supreme Court upholds Adoption of Written Down Value Method for Computing Depreciation of Assets used by Jindal Steel & Power for Power Generation [Read Order]

The Supreme Court of India, in a major relief to Jindal Steel and Power, upheld the adoption of Written Down Value (WDV) method in place of the straight line method while computing depreciation on...

Supreme Court - Written Down Value Method - Computing Depreciation - Jindal Steel & Power - depreciation of Assets - Power Generation - Jindal Steel - taxscan

ITAT allows Carry Forward of Unabsorbed Depreciation Pertaining to AY.s 1997-98 to 2000-01 for Unrestricted Set off [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench, has allowed the carry forward of unabsorbed depreciation from assessment years 1997-98 to 2000-01 for set-off without any time limit. Windsor...

Depreciation on Software calculated at Rate of 25% Instead of 60%: Delhi HC upholds Deletion of Disallowance under Income Tax Act [Read Order]

The Delhi High Court upheld the Income Tax Appellate Tribunal (ITAT) order which deleted the disallowance of expense under Income Tax Act made by the Assessing Officer (AO). The Depreciation on...

Software being an integral part, shall be eligible for same rate of Depreciation as applicable to Computer System: ITAT grants relief to Caterpillar India [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the software is an integral part of the computer system and shall be eligible for the same rate of depreciation as applicable...

Depreciation cannot be claimed on Hired Vehicle used in Mining Contract: ITAT upholds Revision Order

The Income Tax Appellate Tribunal (ITAT), Raipur bench, held that depreciation cannot be claimed on hired vehicles used in a Mining Contract. Therefore, the bench upheld the revision order. The...