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DEPRECIATION FOR ‘JETTY’

Income Tax - By: - Mr. M. GOVINDARAJAN - Dated:- 2-9-2017 - Oxford English Dictionary gives the meaning for the term jetty . Jetty is a landing stage or small pier at which boats can dock or be moored; a bridge or staircase used by passengers boarding an aircraft; a breakwater constructed to protect or defend a harbor, stretch of coast, or riverbank. The meaning of the word jetty would show that it is in the nature of a construction which is used either as a landing stage, a small pier, bridge, .....

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me of ₹ 4.53 crores. The said return was processed on 28.03.2007. After rectification in the said order under section 154 of the Income Tax Act, 1961 the assessee was ordered for a refund of ₹ 6670/-. The return of the assessee was examined along with the depreciation schedule. The schedule revealed that the assessee had claimed depreciation in the sum of ₹ 8.86 crores. Out of the amount the assessee had claimed 100% depreciation qua a loading platform ie., jetty, amounting to .....

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d by sea and, attending to all works, incidental to the works connected with the main business; The assessee was awarded a contract by MMTC on 06.05.2004; The subject jetty was erected, albeit, temporarily, to facilitate loading of iron ore onto vessels, in furtherance of the contract awarded by MMTC, in favor of the assessee; The loading platform consisted of a belt conveyor (along with electrical and panels) and the assessee has incurred a sum of ₹ 6.95 crores which was the amount claime .....

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it was an apparatus/tool, which only enabled the assessee to carry on the business. The Assessing Officer observed that the jetty consisted mainly of a belt conveyor and electrical support and that the civil work was negligible. The conveyor belt could be dismantled and reused. The Assessing Officer allowed depreciation @ 25% and the remaining depreciation as claimed by the assessee was disallowed by the Assessing Officer. The assessee filed an appeal before Commissioner (Appeals) against the o .....

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year 2006 - 06 Part A heading tangible asset and sub-heading I Building; temporary exemptions such as wooden structure are falling under the classification building and 100% depreciation was prescribed. The Revenue filed appeal before the High Court, Madras and raised the following questions of law in the appeal for the consideration of the High Court- Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was correct in granting depreciation on jetty at 100% u .....

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