Claim of depreciation - capitalisation being pre-commencement ...

Income Tax

September 25, 2021

Claim of depreciation - capitalisation being pre-commencement rent and other expenditure incurred - Section 32 of the Act allows depreciation on actual cost of the asset, which means the actual cost to the assessee. This cost should be construed in ordinarily commercial manner. AS-10 regarding "accounting for fixed assets" issued by the ICAI specifies the components of cost of a fixed asset. - the expenses incurred by the assessee are required to be capitalised - Claim allowed - AT

View Source

← Previous Next →

Claim of depreciation - capitalisation being pre-commencement ...

Income Tax

September 25, 2021

You may also like:

Depreciation - unless the expenditure incurred for construction of the building is treated as capital expenditure, the question of her claiming the benefit u/s 32(1A)...

Depreciation u/s 32 and Deduction u/s 80D can not be disallowed partially under section 14A since these are not expenditure incurred by assessee.

Allowability of depreciation @10% as against 100% claimed by the assessee - nature of expenditure on Civil work, flooring work, and finishing work, etc incurred as...

Disallowances under section 30(1) - expenditure incurred on repair and renovation of renting premises allowed - HC

Claim of higher rate of depreciation - Mobile crane was registered as a heavy motor vehicle - depreciation at 40% on crane mounted on motor truck allowed u/s 32 - AT

Depreciation on non-compete fee - treating the same as intangible asset u/s 32(1)(ii) – claim of depreciation allowed - AT

Depreciation on the loss incurred units of CANSTAR or revenue expenditure - The assessee would be entitled to the claim as expenditure incurred in the business - HC

Disallowance of pre-operating expense for a “Mawa Project” - revenue v/s capital expenditure - expenditure incurred for expansion of the dairy business of the assessee -...

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

The expenditure has been incurred on mobile phones and LCD on which assessee is entitled to claim depreciation - The expenditure are capital expenditure forming part of...

Quick Updates: