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Depreciation

ATM machines eligible for Depreciation at 60% as applicable to Computer Software, AO has to compute WDV at same rate: ITAT

Taxscan Team

ATM machines are eligible for depreciation at 60% as applicable to computer software, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT)...

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]

Grant to operate Project under Government is License, eligible for Depreciation of Intangible Asset:...

Depreciation on Block of Assets: ITAT directs to allow Depreciation in respect of Closed...

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...

Use of Car for Business and Personal Purpose: ITAT restricts Depreciation to 15% [Read Order]

Considering the fact that the car was used by the owner of the Company for both business and personal purposes, the Pune bench of the Income Tax Appellate Tribunal (ITAT) has restricted the...

Depreciation not allowable for Expenditure availed on Professional or Legal Services which don’t create Commercial Right: ITAT [Read Order]

In a significant ruling of Banglore International Airport, the Bangalore Bench, of the Income Tax Appellate Tribunal, held that depreciation is not allowable for expenditure availed on professional...

Goodwill Acquired under Slump Sale Agreement eligible for Depreciation: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the depreciation allowable on goodwill acquired under a slump sale agreement under section 32 of the Income Tax Act,...

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