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Income Tax - Highlights / Catch Notes

Home Highlights May 2011 Year 2011 This

Depreciation u/s 32 and Deduction u/s 80D can not be disallowed ...

Income Tax

May 13, 2011

Depreciation u/s 32 and Deduction u/s 80D can not be disallowed partially under section 14A since these are not expenditure incurred by assessee.

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  1. Depreciation - unless the expenditure incurred for construction of the building is treated as capital expenditure, the question of her claiming the benefit u/s 32(1A)...

  2. Claim of terminal depreciation - assessee had in fact claimed depreciation as contemplated under section 32 merely because it was termed as "terminal depreciation" was...

  3. Disallowance u/s 14A - when there was interest free funds available with the assessee, there does not arise a question of disallowing expenditure under Section 14A of the Act - HC

  4. Expenditure on setting up a new unit to roll out new types of vehicles is capital expenditure, entitled to depreciation u/s 32.

  5. Disallowance u/s 14A - The expenditure incurred exclusively for business activity cannot be included in such attributable expenses for the purpose of disallowance u/s.14A - AT

  6. Depreciation on the loss incurred units of CANSTAR or revenue expenditure - The assessee would be entitled to the claim as expenditure incurred in the business - HC

  7. Nature of expenditure - Expenditure incurred by the assessee towards repairs and renovation of the premises to house the branch - if the expenditure incurred by the...

  8. Once it is found that no expenditure was incurred in earning this income, there would be no further expenditure in relation thereto that falls within the ambit of section 14A - HC

  9. The expenditure has been incurred on mobile phones and LCD on which assessee is entitled to claim depreciation - The expenditure are capital expenditure forming part of...

  10. Disallows of interest expenditure u/s 14A - the disallowance has to be made even in case of strategic investments in the associate company. - AT

 

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