Home Highlights December 2014 Year 2014 This

You may also like:

1. 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...

2. Rate of depreciation - the electrical cables, fittings and other electrical works connected with windmill are single composite unit are eligible for depreciation at the...

3. Input Tax Credit (ITC) - bunds/ crystallizer which are constructed and used in the manufacture of salt and bromine chemicals - bunds/ crystallizer can be said to be...

4. Input tax credit - land filling pit can be considered as ‘Plant and machinery’ or as ‘civil structure’ - In the second explanation given in Section 17, while providing...

5. Input Tax Credit (ITC) - we do not agree with the applicant’s view that the land filling pit falls under plant and machinery. However, the discussion would be incomplete...

6. Higher claim of depreciation on Windmill – if the electrical works are specially designed devices to suit the need of windmills, then only the assessee is entitled for...

7. Depreciation on foreign exchange fluctuation loss - foreign currency term loan availed for purchase of windmill - since the assessee has capitalized and claimed...

8. Dis-allowance of depreciation on windmills – windmills installed & put to use on 31.03.05 – generation of electricity started in April 2005 – the claim for depreciation...

9. TDS u/s 194C - supply of plant and machinery of windmill, for civil/electrical works and erection and commission of windmill, is a composite work contract - No TDS - AT

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

11. Depreciation on electrical fittings - "electrical fittings" include electrical wiring, switches, sockets, other fittings and fans, etc. - AT

12. Disallowance of depreciation in respect of asset given on lease - the lessee has been given only right to use the asset for the terms of the lease on payment of...

13. Disallowance of depreciation of plant and machinery - even assuming for a moment, the asset was not put to use in the business of the assessee, but when the plant and...

14. Depreciation on the boilers and windmill leased out by the assessee disallowed to the extent of 50% - unless various components and accessories of the boiler and...

15. 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...