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Plant and Machinery

MCA Amends Companies (Registered Valuers and Valuation) Rules, 2017 [Read Notification]

Taxscan Team

The Ministry of Corporate Affairs (MCA) has notified the amendment to the Companies (Registered Valuers and Valuation) Rules, 2017. The Resolution...

Supply, Installation and Commissioning of Plant & Machinery, Mechanical Engineering Works,...

Income Tax Deduction under Sec 80 IB allowable even If Goods were not manufactured by own plant and...

Claim for additional depreciation on capitalized portion of forex loss for plant and machinery: ITAT...

Assessee entitled to claim 15% Depreciation under Block of Assets ‘Plant and Machinery’: ITAT [Read...

ITC on Construction Expenses – A Macro Outlook on Bones of Contention !!!

‘The strictest law sometimes becomes the severest injustice – By Benjamin Franklin’ Every Indirect Taxation system contains a credit/set-off mechanism to avoid the cascading effect of taxes incurred...

Section 50C not applicable to Cold Storage Building: ITAT [Read Order]

In Laxmi Ice & Cold Storage and Income Tax Officer (ITO), the Lucknow bench of Income Tax Appellate Tribunal (ITAT) recently held that the provisions of section 50C of the Income Tax Act 1961 are...

Depreciation allowable for Lab Equipments and Electrical Installation: ITAT [Read Order]

In DCIT, Cir.1 (1)(1) vs. M/s.Ahmedabad Strips P.Ltd, the Ahmedabad bench of the ITAT held that depreciation under section 32 of the Income-tax Act is allowable on lab equipment and electrical...

Depreciation allowable on Plant and Machinery required for Manufacture of Compressed Natural Gas from Natural Gas: ITAT [Read Order]

Lucknow bench of Income Tax Appellate Tribunal (ITAT) has recently held that depreciation is allowable on plant & machinery which is required for manufacture of Compressed Natural Gas (CNG) from...