Addition of the depreciation from contract income and Tripper ...

Income Tax

December 4, 2021

Addition of the depreciation from contract income and Tripper income - claim not made by the assessee in his return of income since assessee had shown his income under the presumptive taxation u/s. 44AD and 44AE - the AO erroneously without application of mind has assumed that assessee has claimed depreciation which fact has not been examined properly by the Ld. CIT(A) while passing the impugned order - Additions to be deleted - AT

View Source

← Previous Next →

Addition of the depreciation from contract income and Tripper ...

Income Tax

December 4, 2021

You may also like:

Depreciation on boiler - CIT (A) has not committed any error in allowing depreciation at the correct rate even though the assessee had claimed depreciation at a lesser...

Allowabiltry of depreciation - not claimed deprecation in either its original return or in its revised return - Tribunal allowed the depreciation - no substantial...

Revised return of loss/unabsorbed depreciation – even if the assessee has not filed revised return, AO is bound to allow carried forward loss or depreciation as per the record - AT

Whether the dealer, who is executing the works contract, is entitled for the deduction of amounts pertaining to the depreciation on trippers, maintenance expenses of...

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

Addition u/s 68 - unexplained cash credit - Merely because the lenders have not shown the interest income in their return of income, does not mean the assessee has not...

Non-granting of deduction in respect of depreciation u/s.32 - correction in the ITR - the CIT(A)’s claim that the assessee the assessee has filed a revised return...

Penalty u/s 271(1)(c) - Held that:- Wrongful claim of depreciation - The attempts made by the assessee are indicative of frivolous nature of claim - penalty confirmed - AT

Depreciation on goodwill – assessee purchased the business lock stock and barrel and has shown the value of the goodwill right from the acquisition onwards -...

Assessee had claimed depreciation on carats @ 100%, however, AO allowed @ 50% - Depreciation on carats as claimed by the assessee is allowed - AT

Quick Updates: