Home Highlights October 2012 Year 2012 This

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1. Disallowance of depreciation on motor car and disallowance on motor car maintenance - even though the personal use of Chevrolet Beat car by the assessee cannot be ruled...

2. Levy of GST - Valuation - determination of margin - old and used motor vehicles - claim of deduction of cost incurred on refurbishment from the margin - It is noticed...

3. Depreciation on car purchased in the name of the Director - Depreciation @15% claim has been disallowed as asset could not be said to be of the company - However, AO...

4. Depreciation on motor car - car purchased in the names of the Directors of the assessee-company - t the assessee company has, in fact, made the investment in purchase of...

5. Disallowance of depreciation on car - use of car for personal purposes - it is for the AO to bring on record to suggest use of asset for personal purpose. In this case,...

6. Disallowance of depreciation on lease hold land claimed u/s 32(1)(ii) - “right to mine” and the “surface right” falls within the definition of intangible assets as...

7. Allowance of depreciation @ 30% on written down value of motor cars - The security vans are customized, used for transportation of cash and valuables on hire -...

8. Classification of supply - bundled service or not - right to use of car/two wheeler vehicle parking space along with the sale of under constructed apartments - it is...

9. Depreciation on two wheeler vehicles and Car purchased in the name of directors - beneficial owner of asset - only registration in the name of director is not sufficient...

10. Allowability of depreciation and expenses on motor car maintenance, car insurance and interest paid on car loan - cars were registered in the name of the directors - AO...

11. Classification of imported goods - Turbochargers which are suitable for use only in Off-highway equipment i.e., for generators, earth moving equipment etc. - The AAR...

12. Entitlement to Input Tax Credit (ITC) - Inward supply of Car / Demo cars - Car used for demonstration purpose to the potential customer interested in buying Mercedes...

13. Disallowance depreciation on car - There could be no disallowance u/s. 38(2) of the Act in respect of the depreciation on motor car, a tangible asset, covered u/s...

14. Disallowance of depreciation claimed by the assessee u/s 32 on the fixed assets acquired/purchased during the year - asset put to use or not? - Once a new factory has...

15. Depreciation on vehicles - 50% for half year - Cars purchased by the assessee were ready to use as on the date of purchase i.e. prior to 28th September 2011....