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Depreciation

Disallowance of Depreciation under MAT Provisions for Adjustments in Book of Profit does not Attract Penalty: ITAT [Read Order]

Taxscan Team

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), in a recent ruling has held in favour of the assessee that, no penalty can be imposed...

Vehicle Registered in the Director's Name but used for Company's Business Purposes: ITAT allows...

ITAT Weekly Round-Up

ATM machines eligible for Depreciation at 60% as applicable to Computer Software, AO has to compute...

Interior Design, Electrification Charges, Furniture Charges, Wallpaper, Toughened Glass, etc. are...

ITAT allows Additional Depreciation claimed for Windmill u/s 32(1)(iia) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench allowed the additional depreciation claimed for windmills u/s 32(1)(iia) of the Income Tax Act,1961. The assessee wasrepresented by Shri B. B....

Grant to operate Project under Government is License, eligible for Depreciation of Intangible Asset: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the grant to operate a project under the government is a license and is eligible for depreciation of the intangible asset. The...

Depreciation on Block of Assets: ITAT directs to allow Depreciation in respect of Closed Units/Non-Functional Undertakings [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal (ITAT), has been directed to allow depreciation in respect of closed units and non-functional undertakings since depreciation is claimed on the...

Relief to Abbott Healthcare: ITAT allows Depreciation u/s 32 on paid Non-Compete Fees [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai allowed depreciation under Section 32 of the Income Tax Act on already paid non-compete fees thereby granting relief to Abbott Healthcare Private...

Claim for additional depreciation on capitalized portion of forex loss for plant and machinery: ITAT dismisses appeal of Daeseung Autoparts [Read Order]

Income Tax Appellate Tribunal (ITAT), Chennai bench consisting of V Dura Rao, Judicial Member and G Manjunatha, Accountant Member dismissed the appeal filed by M/s. Daeseung Autoparts India Pvt. Ltd...

Subsidy not to be reduced from Actual Cost of Fixed Assets u/s 43(1) for purpose of Calculation of Depreciation: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune has ruled that, Subsidy is not to be reduced from the actual cost of fixed assets under Section 43(1) for purpose of calculation of depreciation. The...

Relief to Vibracoustic India: ITAT allows Additional Depreciation Claim on Plant, Machinery [Read Order]

Income Tax Appellate Tribunal (ITAT), New Delhi bench consisting of Anil Chaturvedi, Accountant Member and Anubhav Sharma, Judicial Member granted relief to Vibracoustic India as it allows additional...

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