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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Building which is constructed solely for the manufacturing of ...

Income Tax

April 20, 2016

Building which is constructed solely for the manufacturing of medicine is a 'plant' and is entitled to higher depreciation at the rate of 25% - HC

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  1. Classification of Bypass Toll Road – Building or Plant - the toll road would not qualify as a ‘plant’ so as to entitle the assessee a higher rate of depreciation - HC

  2. Depreciation on roads - at 10% as building or 25% as plant and machinery - building includes road - AT

  3. The Gotanagar truck terminus is a plant and not building, for the purpose of claiming depreciation under section 32 read with section 43 of the Income-tax Act....

  4. Poultry shed is not a “plant“ assessee not eligiblefor higher rate of depreciation as applicable to a “plant“ dep. as applicable to a "building" is allowable

  5. Rate of depreciation on golf-course - “building” OR “plant and machinery” - the golf course is a plant on which assessee is entitled to the depreciation at the rate of...

  6. Additional depreciation - business of manufacture of cold drinks - the assessee is legally entitled to avail the benefit of additional depreciation under Section...

  7. Entitlement for depreciation on Swimming pool @ 33.33% - building which is used as a hotel cannot be given depreciation as plant - HC

  8. Rate of depreciation on ‘film software library' - the asset which consists of ‘Copyrighted Films and Programmes’ is an ‘Intangible Asset’ eligible for depreciation at...

  9. Typewriter is a machinery entitled to depreciation at 25%

  10. Disallowance of depreciation on building improvement - the assessee is not entitled to the claim of depreciation on such improvements to the land and building for more...

 

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