Incorrect depreciation claim - fractional ownership - real ...

Income Tax

December 22, 2022

Incorrect depreciation claim - fractional ownership - real ownership - Merely entering into an agreement or understanding of user of a asset, a License may be created in favour of user, however, that does not vest the user with the interest of any nature akin to owner for the purpose of Section 32(1) of the Act. So also no claim of depreciation beyond the law is allowable on mutual understanding between the owner and the user. - AT

View Source

← Previous Next →

Incorrect depreciation claim - fractional ownership - real ...

Income Tax

December 22, 2022

You may also like:

Disallowance of the claim of depreciation on intangible asset - amalgamation scheme initiated - when there is no transfer of the asset as well as there is no valuation...

Allowance of depreciation - depreciation on toll road as building - ownership of the assets - depreciation allowed - AT

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

Disallowance of depreciation on motor car - ownership - Merely disclosing an asset as its asset in its books of account will not be sufficient to prove the ownership....

In respect of a co-ownership property leased to the partnership firm cannot be claimed as self-occupied property merely because partner is occupying the same

Penalty u/s 271(1)(c) - Merely because assessee claimed depreciation at 25% treating items to be plant, which claim was not acceptable to revenue, would not by itself...

Cenvat credit - Capital goods - appellants have not claimed the depreciation in the respective financial years, therefore, the entire allegation in the show-cause notice...

The assessee is eligible for the claim of depreciation u/s 32(1)(ii) on the amount of intangible assets acquired by it as per Business Transfer Agreement - AT

Depreciation on goodwill and depreciation of patents and trademark - The ownership of the IP rights of the Assessee stands proved on record, its use by the Assessee is...

Tax Planning versus Tax Avoidance - Finance Lease / Operating lease - No straight jacket formula can be adopted to say that every case of sale and lease back...

Quick Updates: