Home Highlights April 2016 Year 2016 This

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1. Eligibility for depreciation in respect of the intangible asset by way of trademark allowed - AT

2. Depreciation on tenancy rights - The tenancy right cannot be treated as an intangible asset, there is no question of allowing depreciation on it - AT

3. Assets given on lease and returning back to the assessee and again given on lease depreciation is required to be allowed once the assets purchased in the earlier year...

4. Allowance of depreciation - depreciation on toll road as building - ownership of the assets - depreciation allowed - AT

5. Depreciation on assets – Application of funds – Depreciation is allowed on cost of assets which have been fully allowed as application of income u/s 11 - AT

6. 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

7. Disallowance of depreciation rejecting concept of 'Block of Asset' - use of individual assets - business use of each item of a block of assets is not necessary for...

8. Discontinued Business - Disallowance out of depreciation and disallowance out of travelling, repairs, insurance expenses – expenses incurred to protect the business...

9. Disallowance of depreciation is use of BMW car by the director of assessee - The car in question was a business asset and depreciation had to be allowed on the same. The...

10. Depreciation on the asset ‘Right to Collect Toll’ - he benefit of depreciation @25% on the intangible asset designated by the assessee as “Right to Collect Toll” allowed.