Claim of depreciation on the plant & machinery purchased from ...

Depreciation on Plant & Machinery Funds from NABARD Not Taxable u/s 33AB(6) of Income Tax Act.

May 11, 2017

Case Laws Income Tax AT

Claim of depreciation on the plant & machinery purchased from the amount withdrawn from the account maintained with NABARD - the depreciation is not a expenditure but an allowance - the same is out of the purview of section 33AB(6) - No additions - AT

View Source

← Previous Next →

Claim of depreciation on the plant & machinery purchased from ...

Depreciation on Plant & Machinery Funds from NABARD Not Taxable u/s 33AB(6) of Income Tax Act.

May 11, 2017

Case Laws Income Tax AT

You may also like:

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

The assessee is entitled to claim additional depreciation u/s 32(1)(iia) on electrical items forming part of plant and machinery, even if not engaged in manufacture or...

Depreciation on electrical fitting - plant and machinery v/s furniture and fixtures - It is necessary to have electrical fittings for the power supply to the machineries...

Classification of machinery - The machineries manufactured and sold by the applicant like Automatic Feeder with Breaker, Drying machine, Cleaning and Grading Machine,...

Disallowance of excess depreciation of electrical installation - since the assessee is engaged in manufacturing of cotton yarn and the electrical installation for which...

Disallowance of depreciation of plant and machinery - even assuming for a moment, the asset was not put to use in the business of the assessee, but when the plant and...

Input tax credit - land filling pit can be considered as ‘Plant and machinery’ or as ‘civil structure’ - In the second explanation given in Section 17, while providing...

Clarification in respect of residency under section 6 of the Income-tax Act, 1961 - Circular

Residence in India - Section 6 of the Income-tax Act, 1961 as amended

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Input tax credit - inputs / capital goods / input services - Solar Power Generating Plant of the applicant qualify as 'plant and machinery' as it falls under machinery -...

Depreciation on electric installations - to be classified as Furniture or Plant & Machinery - assessee failed to prove that electrical installations which are claimed to...

Depreciation - plant and machinery could not be used during the year due to shifting / relocation of plant - Though, the unit could not generate revenue during the year...

Disallowance of depreciation claimed by the assessee u/s 32 on the fixed assets acquired/purchased during the year - asset put to use or not? - Once a new factory has...

Depreciation on block of assets @60% - AO held that the media resource board is plant and machinery but is not a computer by holding it to be a telecom equipment and...

Quick Updates: