Read all Latest Updates on and about Section 32 of the Income Tax Act

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Lessor entitled to Claim Depreciation on Leased Assets under Finance Lease: ITAT [Read Order]

Aparna. M

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that the lessor should be entitled to claim depreciation on leased assets...

No Transfer of Asset During year and no Determination of Short Term Capital Gain and Loss: ITAT...

Depreciation Allowable to Plant and Machinery Installed for Pilot Project Added to Existing Block:...

Set Back to Toyota Kirloskar: ITAT rejects Depreciation on provisional basis [Read Order]

Limited Company being an Inanimate Person, cannot have anything 'Personal': ITAT allows Depreciation...

Once Goodwill is accounted for Books of Account, Goodwill arising upon Amalgamation is eligible for Depreciation u/s 32: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that once goodwill is accounted for in the books of account, goodwill arising upon amalgamation is eligible for depreciation...

Depreciation can’t be claimed on Undivided Share of Land: ITAT [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has held that depreciation under section 32 of the Income Tax Act, 1961 cannot be allowed on an undivided share of land. The...

ATM is Computer: ITAT allows 60% Depreciation [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the Automated Teller Machines ( ATM ) would be eligible for the higher rate of depreciation as these machines can be treated...

License Fee paid to Indian Railway allowable as Depreciation: 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 is allowable in respect of the amount paid as a license fee to 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...

‘Personal Use' has significant role in granting Depreciation on any Vehicle: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the element of personal use has a significant role to play while granting depreciation on any vehicle under Section 32 of the...

Customer Relationship Rights are ‘Goodwill’: ITAT allows Depreciation [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bengaluru bench has held that the depreciation under Section 32 of the Income Tax Act, 1961 is allowable on the customer relationship rights since the same...

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