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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

The asset is put to repair and the material used for repair of ...

Income Tax

September 7, 2015

The asset is put to repair and the material used for repair of plant & machinery cannot be said to be the scrap value on account of sale or discarding or demolishing or disturbing of the asset in question. - claim of depreciation allowed - AT

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  5. Disallowance of depreciation - asset ready to use VS put to use - the use of the plant and machinery depended upon the operation of the furnace which was not put to use...

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  7. Valuation - Management, maintenance or repairs - The materials used for repair cannot be considered as spare parts - value of material to be included in the value of services - AT

  8. Cenvat Credit - welding electrodes - goods used for repair & maintenance of plant and machinery are eligible for Cenvat Credit - AT

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  10. Cenvat Credit - welding electrodes used for repair and maintenance of the plant and machinery - Credit allowed. - AT

 

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