Home Highlights November 2013 Year 2013 This

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1. Renovation expenditure as capital expenditure - payment towards purchase of furniture and fixture for new office have been incurred for purchase of furniture and fixture...

2. Characterization of income - Income from giving furniture on hire - 'Income from Other Sources’ - Furniture and fixtures are business assets of the assessee, hence,...

3. Depreciation on the furniture and fixture against the rental income of movable assets - In case of contract, parties to the agreement make law for themselves to which...

4. Penalty u/s 271(1)(c) - claim of depreciation @100% instead of 15% - Temporary Wooden structures like interiors, glow signs etc. being Furniture & Fixture - Levy of...

5. Depreciation on electrical fitting - plant and machinery v/s furniture and fixtures - It is necessary to have electrical fittings for the power supply to the machineries...

6. LTCG in connection with the furniture and fixtures attached with the transfer of tenancy rights - Since agreement nowhere speaks about the transfer of furniture and...

7. Depreciation on machinery not listed in New Appendix-I Depreciation Schedule – Part-III (xia) eligible for depreciation @ 40% - Neither AO nor the CIT (A) has rendered a...

8. Input tax Credit (ITC) of GST paid in relation with building or any other civil structure is not available and since sanitary fittings are integral part of building or...

9. CENVAT credit - inputs - furniture used in the office of the appellant premises - since the goods used for rendering services from the office, credit of excise duty duty...

10. Classification of goods - Other furniture and parts thereof - the goods called as modular system furniture or workstations cannot be classified as a collective item as...

11. Depreciation @ 15% or 10% under the block furniture and fixtures - Considering the nature of expenditure, it can be safely concluded that the entire expenditure has been...

12. Allowability of depreciation on ‘Furniture and Fixture’, forming part of the leased assets, income from which is assessable u/s. 22 of the Act as ‘Income from house...

13. Eligibility to claim depreciation at higher rate - DRP rejected the claim on the premise that the Solar Power Plant is installed at the roof top of office building for...

14. Disallowance of depreciation on guest house - assessee has claimed depreciation @ 10% on guest house, which is applicable to factory and office buildings - assessee had...

15. The furniture manufactured was cleared in CKD condition for ease of transportation and the respondents were only assembling the parts of the furniture at site - demand...