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Income Tax - Highlights / Catch Notes

Home Highlights August 2012 Year 2012 This

Depreciation - asset concerned was not actually used for the ...

Income Tax

August 18, 2012

Depreciation - asset concerned was not actually used for the purpose of business during the relevant previous year – Disallowance of lay up cost - AT

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  2. 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...

  3. Disallowance of depreciation - no business activity was carried out by the assessee company - The use of individual asset for the purpose of business may be examined...

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  5. Depreciation - During the year the entire unit was not put to use - The said block of assets was used for the purpose of business during the year. Under the...

  6. Claim of depreciation – Concept of block assets - assessee had not used the assets during the year under appeal - there is no evidence of use of assets - claim disallowed - AT

  7. Depreciation - when the depreciation is allowed on the block of assets, Revenue cannot segregate a particular asset therefrom on the ground that it was not put to use - AT

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  9. Exclusion from wealth tax - value of the assets used for the purpose of earning lease rent income - decision is the tribunal treating the same is business income is not wrong - HC

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