Description: In sasisri Extractions Ltd. V. ACIT [2009] 25 [II] ITCL 541 (Vishakhapatnam Trib) : (2008) 307 ITR (AT) 127 (Vishakhapatnam-Trib), (2010) 122 ITD 428 (Vishakhapatnam-Trib), The Tribunal found from the scheme that the subsidy in question not be intended to accelerate industrial development of state and for the purpose of determining the amount of […]
Read MoreDescription: Assets Acquired on Hire Purchase Basis –– Whether Depreciation Allowable–– P.Varadraj. Majority of judgments are in favour of the view that the depreciation is allowable in respect of assets acquired on hire purchase basis. The Apex Court in Mysore Minerals Ltd. v. CIT (1999) 239 ITR 775 (SC) In the case of hire purchase […]
Read MoreThe term “block of assets” means a group of assets falling within a class of assets, comprising- Tangible assets, being buildings, machinery, plant or furniture, Intangible assets, being know-how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature, In respect of which the same percentage of depreciation is prescribed. […]
Read MoreCondition: In order to claim depreciation, the assessee has to fulfill the following conditions- Ownership: The asset shall be owned by the assessee. Used for business purpose: The assets should be wholly or partly used for the purpose of business during the previous year. Block of assets: It shall fall within the classification of the […]
Read MoreTreatment for Current year Depreciation: Treatment for unabsorbed depreciation: Unabsorbed depreciation of current previous year shall be added to following previous year’s depreciation. It can be set-off against any head of income. It can be carried forward to any no. of years until it is fully set-off. In case of carry forward of business loss […]
Read MoreApplicability: It is applicable to assesses engaged in the business of manufacture / production of any article or a thing. Eligible Asset: Any new machinery or plant acquired and installed after 31-03-2005. Ineligible Assets: Ships and Aircrafts Any machinery or plant which, before installation by the assessee, was used either within or outside India by […]
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Applicability: It is applicable to assesses engaged in the business of manufacture / production of any article or a thing. Eligible Asset: Any new machinery or plant acquired and installed after 31-03-2005. Ineligible Assets: Ships and Aircrafts Any machinery or plant which, before installation by the assessee, was used either within or outside India by […]
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