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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Entitlement to claim 100% depreciation on the ...

Income Tax

June 25, 2015

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 used on a stand alone basis. - HC

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  2. Depreciation on centering and shuttering material - each item of shuttering material cannot be treated as one whole the shuttering material forming one plant eligible...

  3. 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

  4. Entitlement for depreciation on cinematographic films @ 100% - rights are integral and form and represent rights of a film distributor - deduction of full claim allowed - HC

  5. Depreciation @ 40% or 100% - transport vehicle as consisting of two parts, viz., cylinder and vehicle - entitled to claim depreciation at 100 per cent .... - HC

  6. Assessee had claimed depreciation on carats @ 100%, however, AO allowed @ 50% - Depreciation on carats as claimed by the assessee is allowed - AT

  7. Claim of depreciation in respect of assets allegedly leased - financing transactions - assessee purchased assets and leased back to the same company claiming 100% depreciation - HC

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

  9. Entitlement for claim of depreciation on tanker – he tanker was not used during the closure of the accounting year – thus, the order of the Tribunal denying the...

  10. 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...

 

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