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Income Tax - Highlights / Catch Notes

Home Highlights September 2013 Year 2013 This

Allowability of depreciation on shuttering material - he ...

Income Tax

September 30, 2013

Allowability of depreciation on shuttering material - he assessee was the owner of the shuttering which was ready to use - Assessee is entitled for 100% depreciation - HC

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  2. The cost of shuttering materials should be treated as revenue expenditure in the hands of the assessee - AT

  3. Allowability of depreciation on the value of goodwill – CIT(A) is not justified in denying the benefit of depreciation claimed by the assessee on the ‘goodwill’ - AT

  4. Allowability of depreciation @10% as against 100% claimed by the assessee - nature of expenditure on Civil work, flooring work, and finishing work, etc incurred as...

  5. Entitlement to claim 100% depreciation on the centering/shuttering material - poles used in shuttering/ centring work would also be plant no matter that they cannot be...

  6. Reopening of assessment u/s 147 - the claim of the assessee has been accepted treating the amount incurred on wooden shuttering and centering, revenue in nature - AT

  7. 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...

  8. Allowability of set off of unabsorbed depreciation with ‘Income from house property’ and ‘income from other sources’ - duly allowable

  9. Allowability of unabsorbed depreciation of amalgamating company – Form No. 62 not filed – filing of form is only directory and not mandatory - claim allowed - AT

  10. There is no restriction on account of allowability of depreciation on the assets purchased out of withdrawal from NABARD. - AT

 

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