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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Claim for depreciation on Flameless Furnace - nonproduction of ...

Income Tax

January 24, 2017

Claim for depreciation on Flameless Furnace - nonproduction of vital documents - Assessee was not able to explain even the whereabouts of the Furnace which is alleged to be owned by it - Depreciation was rightly denied - HC

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  1. Transaction of sale taking place or not - sale of Furnace - machinery or not - The contract involving receipt of lease rent for leasing of the flameless furnace does not...

  2. Claim of terminal depreciation - assessee had in fact claimed depreciation as contemplated under section 32 merely because it was termed as "terminal depreciation" was...

  3. Reversal of Input Tax Credit (ITC) on furnace oil and LSHS oil - the furnace oil was used in the process of manufacturing of the final product and it has to be treated...

  4. Clarifications regarding GST in respect of certain services - TRU clarified 6 vital issues.

  5. Depreciation on boiler - CIT (A) has not committed any error in allowing depreciation at the correct rate even though the assessee had claimed depreciation at a lesser...

  6. Eligibility of depreciation claim - depreciation which the assessee was not desirous of claiming cannot be foisted on him - HC

  7. Invocation of extended period of limitation - Suppression of facts - clearing sewing thread without mentioning that it is in the form of hanks - as the declaration and...

  8. The vehicle in respect of which assessee seeks to claim depreciation @ 50% is a ‘light motor vehicle’ and therefore the claim for enhanced rate of depreciation is on a...

  9. Depreciation - the claim of assessee to claim depreciation on demutualization or corporatization of the stock exchange of the Bombay Stock Exchange Card was not...

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

 

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