Depreciation claim - mutual benefit society - Once the ...

Income Tax

April 3, 2018

Depreciation claim - mutual benefit society - Once the properties of the society are used for the purpose of activities of the assessee, the same would have to be treated as being used in the business of the assessee. If this is so, the income under the head business in the hands of the assessee, would have to be considered and depreciation liable to be allowed - AT

View Source

← Previous Next →

Depreciation claim - mutual benefit society - Once the ...

Income Tax

April 3, 2018

You may also like:

Charitable purpose – whole idea of this mutual society is that the particular members comprising it should be benefited out of their own contribution - assessee society...

Once, the machinery was available for use, though not actually used, falls within the expression used “for the purpose of business of the assessee” and claim the benefit...

Mutual benefit society - the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which principles of mutuality will apply.

Provision relating to Nidhis and its application, etc. - a declaration of mutual benefit societies and with Nidhi companies - Section 406 of the Companies Act, 2013

Depreciation on property – income earned may be assessable to tax under the head ‘property income’ but the fact remains that the assessee was engaged in a business...

Claim of depreciation on property which was exchanged for another property in respect of which the assessee had forgone/surrender the tenancy rights - claim of...

Concept of mutuality - Payment of interest / compensation to the members - The very fact that bylaws of the assessee-society contained the provisions that payment of...

Disallowing the exemption claimed u/s 54 - Mere nonresidential use subsequently would not render the property ineligible for benefit u/s 54F, if it is otherwise a...

Disallowance of depreciation on vehicle on the ground of personal use - Once the claim of depreciation on passenger vehicle is accepted by the AO then the depreciation...

Depreciation - prior to ending of the relevant financial year, though the assessee had an opportunity to take possession of the property for the purpose of fit-outs, he...

Quick Updates: