Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights This

Sale of scrap generated while repairing building - to be ...

Income Tax

Sale of scrap generated while repairing building - to be taxed as separate income or to be adjusted against the written down value of the block of asset - the scrap sale to be adjusted against the written down value of the assets. - not to be taxed separately as income.

View Source

 


 

You may also like:

  1. Computation of Slump sale - ITAT had accepted the Assessee’s contention that in case the entire block of assets was sold, the written down value of the block of assets...

  2. Current repairs – assessee cannot claim the benefit of written down value of the cost of construction which he had incurred under the head Current repairs - HC

  3. LTCG - Computation of cost of acquisition of the property - Unless the Assessing Officer proves that the assessee has demolished existing building and dismantled...

  4. Grant of depreciation - written value of block of assets as per books of account of the assets taken over from the demerged company v/s written down value as per the...

  5. Levy of duty on Scrap - metal scrap were generated out of scrapping of the capital goods (Machinery and components) -when the scrap had not arisen out of manufacture, no duty - HC

  6. Depreciable asset forming part of the block of assets - restarting of business after a time gap - instead of selling the building, if the assessee started using the...

  7. Input Tax Credit - Blocked Credits - Air Handling Units etc. (AHU) are sine qua non for a commercial mall and hence cannot he considered separate from the building or...

  8. Value of assets for the purpose of calculation of depreciation - sale of assets - u/s.43(6) of the Act, the WDV of the block of assets is to be reduced by the sale...

  9. Disallowance of depreciation rejecting concept of 'Block of Asset' - use of individual assets - business use of each item of a block of assets is not necessary for...

  10. Valuation - Job work - inclusion of value of the scrap retained and sold by the appellants in the assessable value of the goods manufactured and cleared by the...

 

Quick Updates:Latest Updates