Home Highlights September 2012 Year 2012 This

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1. Security for gas cylinders received - the security for gas cylinders received by the assessee could not be treated as trading receipt. - HC

2. Refund - price revision clause - valuation - Excess payment of duty - supply of LPG Cylinders to IOC Ltd. and HPC Ltd. - Unjust enrichment - refund allowed - AT

3. Notification U/s 80IB(4) - the process of bottling the LPG Gas into cylinder makes the same marketable - It therefore follows that a new product comes into existence -...

4. Depreciation - Whether the chlorine toners used by the assessee were gas cylinders – Gas cylinders including valves and regulators were entitled to depreciation at the...

5. Whether the security deposits collected from customers on letting out the Gas Cylinders is trading receipt, whether these Gas cylinders would constitute as plant as per...

6. Depreciation on leased out Air Jet Spindle Assembly and Positar Disc / leased out LPG cyclinders - the assessee was not entitled to depreciation. - HC

7. Higher rate of Depreciation - CIT(A) allowed depreciation @ 80% for the reason that the assessee has not restricted the depreciation on Cylinders, Valves and regulars,...

8. Depreciation @ 40% or 100% - transport vehicle as consisting of two parts, viz., cylinder and vehicle - entitled to claim depreciation at 100 per cent .... - HC

9. Depreciation on the 1250 gas cylinders - leasing out of gas cylinders - assessee has proved ownership of these gas cylinders and use of these gas cylinders for business...

10. Higher rate of depreciation - assessee has proved that it has used the security vans for transportation of cash valuables etc. - claim depreciation @40% on security vans...