Home Highlights May 2012 Year 2012 This

You may also like:

1. Allowance of additional depreciation - assets purchased after 01/10/2010 - the assessee only claimed 10% of the additional depreciation in the assessment year 2011-12....

2. Amnesty Scheme - Additional Commissioner has no power to reject the application under Amnesty Scheme - Power only could have been exercised by the Commissioner, VAT Delhi - HC

3. Claim of depreciation in respect of assets allegedly leased - financing transactions - assessee purchased assets and leased back to the same company claiming 100% depreciation - HC

4. Depreciation disallowance on the power plant in respect of newly installed building, plant and machinery comprising of a captive thermal power plant which was not put to...

5. Depreciation on two wheeler vehicles and Car purchased in the name of directors - beneficial owner of asset - only registration in the name of director is not sufficient...

6. Depreciation on goodwill – assessee purchased the business lock stock and barrel and has shown the value of the goodwill right from the acquisition onwards -...

7. Amendment of section 32. - Additional Depreciation shall also be allowed to the business of transmission of power.

8. A charitable institution, which has purchased capital assets and treated amount spent on purchase of capital asset as application of income, is entitled to claim...

9. Disallowance of additional depreciation - AO is directed to allow the balance 50% depreciation namely 10% of additional depreciation during the year under consideration - AT

10. Depreciation on assets of hire purchase and leasing business – setting up of new business i.e. new source of income - There is no interconnection between the businesses...