Revision u/s 263 - AS 7 - construction of asset - block of asset ...

Income Tax

June 6, 2019

Revision u/s 263 - AS 7 - construction of asset - block of asset is not restricted to building machinery plant or furniture but is extended to know-how patents Copyright etc - simulator with high configuration and technical input in design would definitely fall within the realm of an asset and the construction of such asset would definitely fall within the category of construction of asset and therefore AS 7 rightly been applied - revision quashed

View Source

← Previous Next →

Revision u/s 263 - AS 7 - construction of asset - block of asset ...

Income Tax

June 6, 2019

You may also like:

Depreciation on electric installations - to be classified as Furniture or Plant & Machinery - assessee failed to prove that electrical installations which are claimed to...

Input tax credit - inputs / capital goods / input services - Solar Power Generating Plant of the applicant qualify as 'plant and machinery' as it falls under machinery -...

Disallowance of depreciation on guest house - assessee has claimed depreciation @ 10% on guest house, which is applicable to factory and office buildings - assessee had...

Depreciation - plant and machinery could not be used during the year due to shifting / relocation of plant - Though, the unit could not generate revenue during the year...

Depreciation on roads - at 10% as building or 25% as plant and machinery - building includes road - AT

Disallowance of depreciation allowance - WDV - plant and machinery were not used during the year due to change in business model - nce an asset is part of the block of...

Depreciation on electrical fitting - plant and machinery v/s furniture and fixtures - It is necessary to have electrical fittings for the power supply to the machineries...

Depreciation on block of assets @60% - AO held that the media resource board is plant and machinery but is not a computer by holding it to be a telecom equipment and...

Determination of cost of assets - Depreciation - Applicability of Explanation and proviso to 43(1) - subsidy utilisation specifically under the head building, furniture,...

Input Tax Credit - Plant and Machinery or not - whether LNG jetties proposed to be built - The LNG Jetties being built by the appellant are not in the nature of ‘plant...

Quick Updates: