Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Depreciation on the new Turbine Generator (TG) set - extent of ...

Income Tax

May 2, 2016

Depreciation on the new Turbine Generator (TG) set - extent of user is not the basis of allowing depreciation under Section 32 of the Act - Tribunal rightly allowed claim at full rate i.e. 80% by relying on the internal minutes of the meeting between the assessee and the erectors - HC

View Source

 


 

You may also like:

  1. Classification of goods - Rate of GST - turbine generator set to be supplied by the applicant to the buyer for use in waste-to-energy project - The product is attracting 5% levy.

  2. Setting off the brought forward unabsorbed depreciation against the Income from House Property - effect must be given to Section 32(2) of the Act for that assessment...

  3. Mega Power Project - Exemption under Notification no. 21/2002 - Project Import - Import of ‘gas turbine components’ and ‘generator transformers’ - Benefit of exemption denied - AT

  4. Incorrect depreciation claim - fractional ownership - real ownership - Merely entering into an agreement or understanding of user of a asset, a License may be created in...

  5. Claim of higher rate of depreciation - Mobile crane was registered as a heavy motor vehicle - depreciation at 40% on crane mounted on motor truck allowed u/s 32 - AT

  6. Depreciation on goodwill - business or commercial rights acquired - goodwill is an asset under Explanation 3(b) to section 32(1) - the depreciation allowed even on the...

  7. Depreciation on non-compete fee - treating the same as intangible asset u/s 32(1)(ii) – claim of depreciation allowed - AT

  8. Depreciation @ 40% or 15 % on Tippers, Vibrator and Vibrator Soil Compactor - AO allowed depreciation at the rate of 15% only - Section 32 - HC

  9. Expenditure on setting up a new unit to roll out new types of vehicles is capital expenditure, entitled to depreciation u/s 32.

  10. Benefit u/s 32(2)(iii) - Carried forward unabsorbed depreciation cannot be set off with short-term capital gain arising from sale of depreciaible assets - HC

 

Quick Updates:Latest Updates