Home Highlights June 2012 Year 2012 This

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1. Depreciation on intangible asset - assessee has succeeded in its substantive claim of depreciation on 'License to collect Toll' @ 25% in terms of Section 32(1)(ii) - AT

2. Depreciation on foreign exchange fluctuation loss - foreign currency term loan availed for purchase of windmill - since the assessee has capitalized and claimed...

3. Rate of depreciation on intangible asset of licence for running container trains - commercial rights for 20 years - such rights would amount to capital asset - claim of...

4. Depreciation on software - 25% or 60% - assessee has purchased specific software which was not supplied along with the computer - AO is correct in treating the computer...

5. Depreciation on Hotel Building including the cost of land - hotel building complex was purchased at consolidated value - Merely because the parties have not specified...

6. Disallowance of depreciation on the Project Berth - cost of construction / development - Circular can be applied retrospectively in respect of deductions claimed in...

7. Claim of higher depreciation of ‘Bizerba weighing scales’ - A photocopy (xerox) machine can also be attached to a computer, however, that does not entitle it for...

8. Disallowance of software expenses - Disallowance is in respect of expenditure claimed towards “repairs - computers-annual maintenance” and “Repairs-computers-others” -...

9. Penalty u/s 271(1)(c) - Merely because assessee claimed depreciation at 25% treating items to be plant, which claim was not acceptable to revenue, would not by itself...

10. Reversal of Input tax Credit - on purchase of R.E.P. license - the assessee-dealer had purchased import license from another person after paying the taxes as was...

11. Bogus purchases - oil cakes shown as purchases by the assessee from 33 parties were not genuine transactions -Tribunal was justified in disallowing 25% of the purchase price - HC

12. 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

13. Claim of terminal depreciation - assessee had in fact claimed depreciation as contemplated under section 32 merely because it was termed as "terminal depreciation" was...

14. Claim of depreciation - CIT(A) has reduced the purchase value by 50% and allowed depreciation thereon - CIT(A) failed to record that on what basis he has reduced 50% of...

15. Depreciation on machinery and equipments - Depreciation @ 25% or 100% - Even before this Court, learned counsel for the Assessee was unable to demonstrate why the...