Grant of depreciation to an entity seeking exemption u/s 11 - ...

Court Rules Depreciation Only Applicable from Assessment Year 2015-16 Onwards for Section 11 Exemption of Income Tax Act.

August 24, 2017

Case Laws Income Tax HC

Grant of depreciation to an entity seeking exemption u/s 11 - Explanatory Memorandum makes it applicable only w.e.f. A Y 2015-16 and application of the amendment retrospectively would certainly lead to a great deal of hardship to the assessee. - HC

View Source

← Previous Next →

Grant of depreciation to an entity seeking exemption u/s 11 - ...

Court Rules Depreciation Only Applicable from Assessment Year 2015-16 Onwards for Section 11 Exemption of Income Tax Act.

August 24, 2017

Case Laws Income Tax HC

You may also like:

Assessment u/s 153A - In the case on hand, the search was conducted on 10.08.2017 and the relevant six assessment years immediately preceding the assessment year...

Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

CSR expenditure - whether a allowable business expenditure? - explanation to Section 37(1) of the Act would not be applicable as it was with effect from the assessment...

Late fee levied u/s 234E - delay in furnishing the tax deducted at source statement - Late fee under section 234B cannot be levied for a period up to 01/06/2015. In the...

Notice issued for reopening assessment u/s 147 was beyond the limitation period stipulated in Section 149(1). The High Court, following Ojjus Medicare Pvt. Limited,...

This case involves a challenge to an order of re-assessment under the relevant tax laws. The key points are: The petitioner failed to submit monthly returns within the...

The ITAT Ahmedabad considered rectification u/s 154 for correct assessment year of DDT. Revenue argued DDT pertained to A.Y. 2014-15, but Section 115-O(3) mandates DDT...

The Income Tax Appellate Tribunal (ITAT) held that the reassessment notices issued u/s 148 of the Income Tax Act for the assessment years 2013-14, 2014-15, and 2015-16...

Reopening of assessment u/s 147 - validity of order u/s 148A(d) - Here is the case, where, by total non application of mind to the fact that in respect of subsequent...

CENVAT Credit - capital goods - availment of credit while availing depreciation - The adjustment in the balance sheet of 2015-16 cannot be considered as reversion of the...

Exemption u/s 11 - disallowing of the amount of accumulation made u/s.11(2) & 11(1)(a) - failure to E-filing of Form-10 in time - since admittedly, the exemption of the...

The High Court held that the Revenue's decision to adjust the refund due to the petitioner for the assessment years 2008-09 and 2017-18 against the stayed demand for the...

Validity of assessment u/s 153C - There is no prohibition in the Act that a combined satisfaction-note should not be recorded. Moreover, the satisfaction- note, is...

Extension of due date of filing return of income for Assessment Year 2015-16 in case of Non-corporate & assessee not covered under tax audit provisions - Upto 31st...

Exemption u/s 11 - Accumulation of income - Carry forward of deficit - Carry forward of excess expenditure carried forward from the earlier assessment years - The...

Quick Updates: