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Income Tax - Highlights / Catch Notes

Home Highlights June 2014 Year 2014 This

Whether merely because title or registration under the Indian ...

Income Tax

June 11, 2014

Whether merely because title or registration under the Indian Registration Act has not passed, would it be fatal to disallow depreciation - depreciation allowed - HC

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  3. 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...

  4. Classification of goods - Pattadar Pass Book cum Title Deed is a “Document of Title” - printing books - the Pattadar Pass Book cum Title Deed is not a document of title...

  5. Depreciation disallowed on non-compete fee - an agreement not to compete is purely personal - cannot be considered as the intellectual property right - no depreciation - AT

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  7. Depreciation on leased asset - Solar Generating System – Once, lease rentals are accepted by the revenue, there is no reason to disallow the depreciation - AT

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  9. Claim of depreciation – Concept of block assets - assessee had not used the assets during the year under appeal - there is no evidence of use of assets - claim disallowed - AT

  10. Disallowance of non-compete fees - Capital or revenue expenditure - expenditure has to be disallowed as capital expenditure - however depreciation to be allowed - AT

 

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