Home Highlights February 2011 Year 2011 This

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1. Capital gains - Goodwill acquired by incurring cost - conversion of proprietory concern to company - revenue appeal - it is very clear that even if you invoke the...

2. Allowability of business expenditure u/s 37(1) - Old business wisdom states that even at the cost of lakhs credit/ reputation/goodwill should be preserved(Jaaye laakh,...

3. 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...

4. Levy of GST - time of supply - point of taxation - period involves both pre-GST period as well as post GST regime - flats allotted to land owner by the builder - As per...

5. Depreciation on goodwill - goodwill generated in the process of amalgamation - assessee failed to claim depreciaion in the original ITR or revised ITR but claimed first...

6. Building repair expenditure - The building is completed in the present year because depreciation is duly allowed by the AO with regard to such new mill building, then...

7. Rate of depreciation - housing colony for accommodation of staff of power project - SLM or WDV - the rates of dep. on all such assets of the undertaking engaged in the...

8. Allowance of depreciation - depreciation on toll road as building - ownership of the assets - depreciation allowed - AT

9. Refund claim of input service tax credit - input service or not - Erection, Commissioning & Installation Services - Construction or execution of works contract of a...

10. Payment made towards goodwill for ensuring retention and continued business in the hospital acquired by assessee on going concern basis is comparable with trademark,...

11. Goodwill - capital asset u/s 2(14) - The assessee had therefore garnered substantial experience, reputation and credentials in the business of mining which was a...

12. Depreciation on Goodwill - depreciation on Customer Relationship (CR) & Vendor Relationship (VR) considering them to fall under Any other business or commercial rights...

13. Determination of capital gain - allocation of sale consideration between the land and building - The historical cost of building or WDV of building cannot be...

14. Community development expenditure - business is not static and over a period of time, it would include within its fold the care and concern for the society at large...

15. Depreciation on goodwill – assessee purchased the business lock stock and barrel and has shown the value of the goodwill right from the acquisition onwards -...