Depreciation on the let out property - deprecation u/s 32 of the ...

Case Laws Income Tax

April 27, 2020

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 once these properties entered Block of Assets viz. Building many years back and continues to be part of Block of Asset viz. Building despite the fact that factual matrix surrounding these two properties had undergone substantial change over years which cannot be given complete go bye.

View Source

← Previous Next →

Depreciation on the let out property - deprecation u/s 32 of the ...

Case Laws Income Tax

April 27, 2020

You may also like:

Depreciation on let out properties u/s 32 - use of properties for the purposes of business of the assessee. - no deprecation u/s 32 can be allowed on these two...

Correct head of income - Taxability of rental income - there is no question of allowing any deduction as depreciation under section 32 for the period for which this...

Depreciation on Quarry Land & Development - AO disallowed the claim of deprecation as, there is no block for such asset in the Income Tax Act to claim depreciation U/s...

Deprecation u/s 32 on goodwill - Depreciation could not be denied to the Taxpayer merely for the reason that the assets were classified as ‘goodwill’ in the books of...

Disallowance on additional deprecation claimed as plant and machinery other than milk can equipments - The extra depreciation allowable u/s 32{1) (iia) in an extra...

Setting off the brought forward unabsorbed depreciation against the Income from House Property - effect must be given to Section 32(2) of the Act for that assessment...

Disallowance of depreciation of tenancy rights - the tenancy right is not an intangible asset eligible for deprecation u/s 32.

Depreciation on P&M claim at lessor rate than eligible – Assessee wrongly claim depreciation at lessor rate in 3CD - As per the provision of sec. 32(1) & 32 (1) (i)...

Income from house property - deduction (Vacancy allowance) - Notably the words used in section 23(1)(c) of the Act are “the property is let and was vacant during the...

Annual letting value - Property deemed to be let out - provisions cannot be applied when there is a time lag between the acquisition of the property and letting out of...

Deprecation on goodwill - assessee has fully written off goodwill in the books of accounts - section 32(1)mandates that the block of assets should exists to claim...

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

Depreciation on goodwill - business or commercial rights acquired - goodwill is an asset under Explanation 3(b) to section 32(1) - the depreciation allowed even on the...

Depreciation on non-compete fee - treating the same as intangible asset u/s 32(1)(ii) – claim of depreciation allowed - AT

Depreciation @ 40% or 15 % on Tippers, Vibrator and Vibrator Soil Compactor - AO allowed depreciation at the rate of 15% only - Section 32 - HC

Quick Updates: