[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...
![ITAT allows Carry Forward of Unabsorbed Depreciation Pertaining to AY.s 1997-98 to 2000-01 for Unrestricted Set off [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Carry-Forward-Unabsorbed-Depreciation-Pertaining-Unrestricted-Set-off-TAXSCAN.jpg "ITAT allows Carry Forward of Unabsorbed Depreciation Pertaining to AY.s 1997-98 to 2000-01 for Unrestricted Set off [Read Order]")
![Depreciation on Software calculated at Rate of 25% Instead of 60%: Delhi HC upholds Deletion of Disallowance under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Depreciation-on-Software-Delhi-HC-Deletion-of-Disallowance-Income-Tax-Act-TAXSCAN.jpg "Depreciation on Software calculated at Rate of 25% Instead of 60%: Delhi HC upholds Deletion of Disallowance under Income Tax Act [Read Order]")
![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]](https://www.taxscan.in/wp-content/uploads/2023/10/Software-being-integral-part-same-rate-of-Depreciation-applicable-to-Computer-System-ITAT-grants-Caterpillar-India-TAXSCAN.jpg "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]")
![Maximum Depreciation allowable on Imported Second-Hand Machines is 70%: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Maximum-Depreciation-allowable-Imported-Second-Hand-Machines-CESTAT-taxscan.jpg "Maximum Depreciation allowable on Imported Second-Hand Machines is 70%: CESTAT [Read Order]")
Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the government grants received in lieu of Financial Restructuring Plant (FRP) need not be reduced from the cost of capital...
![Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Govt-Received-Lieu-FRP-Reduced-Cost-Capital-Assets-ITAT-TAXSCAN.jpg "Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]")
Depreciation of 15% allowable on Electrical Fittings installed at factory premises: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that since the Assessing Officer (AO) himself has accepted the higher claim of 15% in Assessment Year 2014-15, thus allowed of claim of...
![Depreciation of 15% allowable on Electrical Fittings installed at factory premises: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Depreciation-allowable-Electrical-Fittings-installed-factory-premises-ITAT-Assessing-Officer-allowed-of-claim-of-higher-depreciation-taxscan.jpg "Depreciation of 15% allowable on Electrical Fittings installed at factory premises: ITAT [Read Order]")
Moulds owned by Philips India as a part of block assets for purpose of Business are entitled to Depreciation at 30%: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the moulds owned by Philips India as a part of the block assets for the purpose of business are entitled to depreciation at...
![Moulds owned by Philips India as a part of block assets for purpose of Business are entitled to Depreciation at 30%: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Moulds-Philips-India-block-assets-purpose-Business-entitled-Depreciation-ITAT-TAXSCAN.jpg "Moulds owned by Philips India as a part of block assets for purpose of Business are entitled to Depreciation at 30%: ITAT [Read Order]")
Deduction u/s 10A of Income Tax Act has to be computed before set off or Carry Forward of Business Loss and Depreciation: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that deduction under section 10A of the Income Tax Act, 1961 has to be computed before setoff carry forward business loss and depreciation....
![Deduction u/s 10A of Income Tax Act has to be computed before set off or Carry Forward of Business Loss and Depreciation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Deduction-of-Income-Tax-Act-Carry-Forward-of-Business-Loss-Depreciation-ITAT-Income-Tax-taxscan.jpg "Deduction u/s 10A of Income Tax Act has to be computed before set off or Carry Forward of Business Loss and Depreciation: ITAT [Read Order]")
Additional Depreciation is allowable u/s 32(1(iia) of Income Tax Act on Plant & Machinery Installed in the Captive Power Plant: ITAT
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the additional depreciation is allowable under Section 32(1)(iia) of the Income Tax Act, 1961 on plant and machinery installed...
Willingness to Pay Excise Duty As Per Normal Process of Debonding at Time of Exit from EOU Scheme: CESTAT orders Fresh Adjudication [Read Order]
The Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), ordered fresh adjudication as there was willingness to pay excise duty as per normal process of debonding at the...
![Willingness to Pay Excise Duty As Per Normal Process of Debonding at Time of Exit from EOU Scheme: CESTAT orders Fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Willingness-to-Pay-Excise-Duty-As-Per-Normal-Process-of-Debonding-Excise-Duty-Debonding-at-Time-of-Exit-from-EOU-Scheme-CESTAT-orders-Fresh-Adjudication-CESTAT-Taxscan.jpg "Willingness to Pay Excise Duty As Per Normal Process of Debonding at Time of Exit from EOU Scheme: CESTAT orders Fresh Adjudication [Read Order]")