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Depreciation

Depreciation u/s 32 is allowable on Assets ‘Ready for Use’: Allahabad HC [Read Order]

In the recent ruling in CIT v. M/S U.P.State Bridge Corporation Ltd, the Allahabad High Court ruled that depreciation is allowable on assets which are...

Assessee is Entitled to Additional Depreciation even if the Plant & Machinery not Installed: Bombay...

Lessor of Vehicle is entitled for Depreciation under Income Tax Act: Rajasthan HC [Read Order]

Penalty is not Leviable on Ground of Disallowance of Depreciation: ITAT Ahmedabad [Read Order]

ITAT Ahmedabad allows Claim for Depreciation on Goodwill without a Revised Return during Assessment...

Delhi HC allows Depreciation on Lease Property u/s 32 of the Income Tax Act [Read Judgment]

A division of Delhi High Court recently ruled that, assessee is entitled to depreciation under Section 32 of the Income Tax Act even when the assessee was not the owner of the property in question and...

Depreciation is allowable on Professional & Legal Charges incurred by the assessee during takeover: ITAT Delhi [Read Order]

Recently, the Income Tax Appellate Tribunal, Delhi bench ruled that the assessee is entitled to get depreciation for the amount incurred by him on account of professional and legal charges while...

ITAT Mumbai allows 60% depreciation on Coursewares, also allows Expenditure on Account of ESOP Charges [Read Order]

In a recent ruling, the Mumbai bench of ITAT held that Coursewares developed by the assessee are eligible for depreciation @60%under the head computer softwares as provided under section 32 of the...

Depreciation can be Allowed even after the Net Income is Estimated: ITAT Hyderabad [Read Order]

The Income Tax Appellate Tribunal, Hyderabad, in a recent ruling, held that depreciation under section 32 of the Income Tax Act, 1961 can be allowed even in cases where the assessing officer has...

Hospital or Part qualifies to be a plant, would be eligible for depreciation at the rate of 25%: Kerala HC [Read Judgment]

While setting aside the orders of first appellate authority and the Income Tax Appellate Tribunal, Kochi, the division bench of Kerala High Court has observed that, under the Income Tax Act, the...

Madras HC disallows depreciation on Computerised counting machine under the head ‘Computer & Computer peripherals’ [Read Judgment]

In a recent decision, the Madras High Court held that depreciation is not allowable to items such as Scanner, Computerised counting machine, CTP machines etc. under the head “computer and computer...

ITAT Bangalore confirms depreciation allowed on ‘income from other sources’ [Read Order]

The Income Tax Appellate Tribunal, Bangalore bench, in recently confirmed the decision of the Commissioner of Income Tax(Appeals) who allowed the assessee, a charitable trust, depreciation in respect...

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