Home Highlights February 2012 Year 2012 This

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1. Claim of higher depreciation on drilling Rigs - Rig claimed as Heavy motor vehicle (Lorry) - Transport Authority has registered the workover/servicing mobile rig under...

2. Claim of higher rate of depreciation - Mobile crane was registered as a heavy motor vehicle - depreciation at 40% on crane mounted on motor truck allowed u/s 32 - AT

3. Depreciation on the LPG Cylinders - loaning of the cylinders against security deposit - depreciation allowed - AT

4. Classification of imported goods - Parts of seats of motor vehicle (parts of part) - import of child parts - It is undisputed that child parts used for making parts...

5. Whether the security deposits collected from customers on letting out the Gas Cylinders is trading receipt, whether these Gas cylinders would constitute as plant as per...

6. 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...

7. Depreciation on ATMs - to be treated as computers or plant and machineries - @15% or 40% - AO directed to allow higher depreciation of 40% as claimed by the assessee on...

8. Depreciation on machinery and equipments - Depreciation @ 25% or 100% - Even before this Court, learned counsel for the Assessee was unable to demonstrate why the...

9. Entitlement for 100% depreciation on value of cylinders purchased – an article whose cost is less than ₹ 5,000/- cannot form part of the block of assets much less...

10. Depreciation - Whether the chlorine toners used by the assessee were gas cylinders – Gas cylinders including valves and regulators were entitled to depreciation at the...

11. Depreciation on the let out property - deprecation u/s 32 of the 1961 Act under these circumstances can not be allowed on these two properties merely on the grounds that...

12. Power to seizure vehicle - apprehension of misuse in future - If a possible future use of a vehicle as a means of transport for smuggling goods confers a power of...

13. Levy of GST - services provided by the applicant to NMMT under the Agreement, by way of supplying, operating and maintaining air-conditioned electrically operated buses...

14. Depreciation on the 1250 gas cylinders - leasing out of gas cylinders - assessee has proved ownership of these gas cylinders and use of these gas cylinders for business...

15. Disallowance u/s 40(a)(ia) in respect of depreciation on intellectual property rights - Failure to deduct TDS - The depreciation is an allowance and not an expenditure,...