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Income Tax - Highlights / Catch Notes

Home Highlights November 2017 Year 2017 This

Depreciation on gym equipments installed in the premises of ...

Income Tax

November 21, 2017

Depreciation on gym equipments installed in the premises of Managing Director - Simply because it is being used by MD it cannot be held to be for private use so as to warrant disallowance of depreciation. - AT

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  1. Depreciation on Gym Equipment - At the most if any equipment has been placed for exclusive use of Managing Director the same should be added as perquisite in the hands...

  2. Valuation of goods - whether the installation, erection and commissioning charges for equipment installed at customer's premises and values thereof can be added/included...

  3. Depreciation on plant and machinery - plant and machinery were installed at customer's premises - It cannot be said that the equipment in question had not been used for...

  4. Depreciation on plant machinery installed at customer's site free of cost - AO’s objection was that since the equipments in question had not been installed at the...

  5. Depreciation on software - “primavera” is not actually installed within any manufacturing machinery and is a web based tool for top management for review etc. and...

  6. Electricity meter installed in consumers premises and hire charges collected – no service tax

  7. Depreciation @ 60% on medical equipment as computers - computer controlled medical equipment can not be equated with computers - normal depreciation to be allowed - AT

  8. CENVAT credit on capital goods - Vertical Storage Tanks are installed in the premises of the Customers and not in the factory premises of the manufacturer - credit...

  9. Disallowance of commission paid to Managing Director and Working Director - it cannot be doubted that the payment of dividend was made in the guise of commission to the directors.

  10. Officer in default – whether when the company had a managing director, whole-time director and manager there cannot be any prosecution against the petitioner who was an...

 

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