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Depreciation

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

Taxscan Team

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...

Depreciation not allowable for Expenditure availed on Professional or Legal Services which don’t...

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

Shares are not Intangible Assets U/S 32(1) (ii) and No Depreciation on Purchase Price of Shares:...

Consideration paid excess than Market Value of Net Tangible Assets is treated as Goodwill: ITAT...

Period of Depreciation should extend up to Date of Payment of Duty: CESTAT [Read Order]

The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Ahmedabad held that period of depreciation should extend up to the date of payment of duty. The brief facts of the case are that...

Loss arising out of Foreign Currency Term Loan as Capital Loss, Depreciation allowed on Cost of Asset including Forex: ITAT [Read Order]

Loss arising out of foreign currency term loan as a capital loss, Chennai bench of Income Tax Appellate Tribunal (ITAT) allowed depreciation on the cost of assets including forex. The assessee...

ITAT allows Half Depreciation as Asset was put to use on Temporary structure of Office [Read Order]

The Income Tax Appellate Tribunal (ITAT) allows half depreciation as an asset was put to use for a claim of 100% depreciation on the temporary structure of the office. The only issue in this...

Depreciation claimed on Govt securities categorised as AFS is allowable: ITAT [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has held that depreciation claimed for the Government securities categorised as AFS is allowable The appellant was represented by Shri...

Payment of Lease Rental for Containers can’t be treated as Revenue Expenditure as Depreciation was Claimed: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the amount of payment of lease rental cannot be treated as Revenue expenditure as the assessee’s claim for depreciation was...

Depreciation allowable on Toll Collection Rights: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the depreciation under section 32 of the Income Tax Act, 1961 is allowable on toll collection rights as the same would be...

Unabsorbed Depreciation should be allowed to be carried forward and set off against Assessable Income of Subsequent Year notwithstanding fact that Business in respect of which it arose ceased to exist in year of such set-off: ITAT

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench consisting of Pramod Kumar, Vice President, and Siddhartha Nautiyal, Judicial Member held that where asset purchased by the assessee has been...

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