Home Highlights April 2014 Year 2014 This

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1. 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...

2. Allowability of depreciation on shuttering material - he assessee was the owner of the shuttering which was ready to use - Assessee is entitled for 100% depreciation - HC

3. Disallowance of staff welfare expenditure - Assessee being a corporate body so question of expenditure being personal in nature does not arise - 100% claim of...

4. Assessee had claimed depreciation on carats @ 100%, however, AO allowed @ 50% - Depreciation on carats as claimed by the assessee is allowed - AT

5. Depreciation @ 10% on improvements carried out in the lease hold premises - Assessee claimed 100% depreciation on the leasehold improvements - The ingredients and...

6. Depreciation @ 10% on landscaping & development charges which is capitalized in nature of land allowed - AT

7. Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is...

8. Exemption u/s 10B - eligibility criteria - whether deduction can be claimed for a period of 10 consecutive years beginning with the previous year in which the assessee...

9. Depreciation on assets - temporary building - The fact that WBSEB and WBSEDCL had claimed depreciation at 10% on these temporary structures cannot be the basis to...

10. Allowance of additional depreciation - assets purchased after 01/10/2010 - the assessee only claimed 10% of the additional depreciation in the assessment year 2011-12....

11. Claim of depreciation in respect of assets allegedly leased - financing transactions - assessee purchased assets and leased back to the same company claiming 100% depreciation - HC

12. Deduction u/s 80IC - Since in the present case the fact that the assessee had undertaken substantial expansion is not disputed, the assessee, we hold, is entitled to...

13. Depreciation on water supply scheme as well as for ‘road’ - AO directed to allow the assessee’s claim for 100% depreciation on water supply system and AO’s order...

14. Depreciation @ 40% or 100% - transport vehicle as consisting of two parts, viz., cylinder and vehicle - entitled to claim depreciation at 100 per cent .... - HC

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