Tag Archives: section 32

Effluent Treatment Plant eligible for 100% Depreciation

IN THE ITAT MUMBAI BENCH ‘A’ Anushakti Chemical & Drugs Ltd. v. Additional Commissioner of Income-tax 10(3), Mumbai SANJAY ARORA, ACCOUNTANT MEMBER AND RAMLAL NEGI, JUDICIAL MEMBER IT APPEAL NO. 4340 (MUM) OF 2011 [ASSESSMENT YEAR 2006-07] MAY  18, 2016 Vijay Mehta for the Appellant. Mohd. Javed for the Respondent. ORDER Sanjay Arora, Accountant Member… Read More »

No Depreciation on Leasehold rights in land , it not intangible Asset

Held we hold that by virtue of lease only an interest in land is created which does not qualify for allowance e of depreciation. IN THE ITAT BANGALORE BENCH ‘C’ Cyber Park Development & Construction Ltd. v. Deputy Commissioner of Income-tax, Circle 11(2), Bangalore SUNIL KUMAR YADAV, JUDICIAL MEMBER AND INTURI RAMA RAO, ACCOUNTANT MEMBER… Read More »

Districts notified as backward areas u/s section 32 and 32AD of Income Tax Act

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION INCOME-TAX New Delhi, the 20th July, 2016 S. O. 2478 (E).— In exercise of the powers conferred by section 32 and section 32AD of the Income-tax Act, 1961 (43 of 1961), the Central Government… Read More »

Unabsorbed depreciation allowed to be carried forward even if return filed belatedly

Issue Where the assessee  filed the return after expiry of time prescribed u/s 139(1), whether he is eligible to carry forward and set off of such unabsorbed depreciation as per section 139(3) and section 80 of the Act. ? Held Whereas, section 80 of the Act requires that return be filed as per section 139(3) of the Act… Read More »

Intellectual property rights come within the definition of ‘plant’ : Supreme Court

would intellectual property rights such as trademarks, copyrights and know-how come within the definition of ‘plant’ in the ‘sense which people conversant with the subject matter with which the statute is dealing, would attribute to it’? The Supreme Court opines, this must be answered in the affirmative for the reason that there can be no… Read More »

Depreciation on Increased cost of Asset due to Withdrawal of exemption of Custom duty certificate has to be computed from Year of Withdrawal

Facts of the Case :- Assessee imported hospital equipments during years 1988-89 and 1992-93, without payment of custom duty on basis of a Customs Duty Exemption Certificate (CDEC). Imported equipment was capitalized by assessee on actual value of equipment paid by it. Subsequently, CDEC granted to assessee was withdrawn on . Later, by an order dated… Read More »

Backward areas of Bihar for Tax incentives for Industrial units

Backward areas of Bihar for Tax incentives for Industrial units [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th August, 2015 INCOME-TAX S.O. 2241(E).— In exercise of the powers conferred by… Read More »