Depreciation on sample flat - number of days asset used - the ...

Income Tax

November 17, 2023

Depreciation on sample flat - number of days asset used - the revenue has allowed the claim of 50% of the depreciation claimed by the assessee in the first year when the sample flat was put use for less than 180 days and nothing has been brought on record to show that the said claim is disputed by the revenue. Considering the facts that the revenue has not disputed the fact that the sample flat is a temporary structure and no contrary findings being brought on record in present case we hold that the assessee's claim of 50% of the cost of construction for the year under consideration be allowed. - AT

View Source

← Previous Next →

Depreciation on sample flat - number of days asset used - the ...

Income Tax

November 17, 2023

You may also like:

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

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

Since assets were put to use for less than 180 days, depreciation claimed only 50% of 15% - Balance additional depreciation was claimed by in instant assessment year -...

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

Allowance of additional depreciation - asset put to use for less than 180 days during the earlier year - assessee has claimed balance of depreciation @10% (i.e. 50% of...

Claim of balance additional depreciation on the assets which were put to use in earlier year - Number of days asset put to use - whether machinery is put to use for less...

Depreciation on assets used in providing services denied being appellant cannot claim depreciation on the same infrastructural facilities on which it has already claimed...

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...

Claim towards exchange fluctuation loss - for the purpose of depreciation, the cost of asset cannot be reduced or increased due to exchange rate fluctuation - allowed as...

Additional depreciation u/s 32(1)(iia) - asset put to use for less than 180 days - remaining 50% of allowable additional depreciation in the subsequent assessment year -...

Quick Updates: