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Depreciation

Motor Vehicles qualify as Self-Propelled Vehicles: ITAT confirms Deletion of Disallowance of Excess Claim of Depreciation [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), confirmed the deletion of disallowance of excess claim of depreciation and noted...

Claim of deletion of Addition in Respect of Providing for Dam Maintenance by Orissa Hydro Power:...

Depreciation Allowable on Goodwill which was Included in Determining Face Value of Shares in the...

Depreciation at 60% Not Allowable on Robotix Kits: ITAT [Read Order]

Vehicles form part of "Plant and Machinery": ITAT allows Depreciation on Hired Cars [Read Order]

Depreciation Allowable on Goodwill u/s 32(1)(ii) of Income Tax Act: ITAT [Read Order]

The Pune Income Tax Appellate Tribunal ( ITAT ) has recently allowed depreciation on goodwill under section 32(1) (ii) of the Income Tax Act 1961. Section 32(1) (ii) of the Income Tax Act 1961...

Higher Rate of Depreciation at 50% Allowable on Commercial Vehicles Only: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad Bench, has recently, in an appeal filed before it, held that higher rate of depreciation at 50% is allowable on commercial vehicles only. The...

Computer Software Eligible for Depreciation at 60%: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad Bench, has recently, in an appeal filed before it, held that computer software is eligible for depreciation at 60%. The aforesaid observation...

Eligibility u/s 80P in respect of Buildings/Godowns Used by Co-operative Society: ITAT directs Re-Adjudication [Read Order]

The Indore bench of Income Tax Appellate Tribunal (ITAT) recently directed the assessing officer to re-adjudicate assessee’s eligibility under section 80P of income tax act 1961 in respect of...

SI Group India Eligible for Depreciation in respect of Technical Know-how and Embedded Process Technology: ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that SI Group India is eligible for depreciation in respect of technical know-how and on embedded process technology. ...

Budget 2023: 15% Concessional Tax Rate to New Manufacturing Co-operative Society

A 15% tax rate discount is proposed in the budget for 2023 for new manufacturing cooperative societies. Such a deduction, according to Finance Minister Nirmala Sitharaman, is intended to encourage...

Depreciation u/s 32 cannot be claimed on Assets Shared with Sister Concern under License Agreement: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that depreciation under section 32 of the Income Tax Act, 1961 cannot be claimed in respect of Assets shared with a sister...

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