Disallowance of depreciation on new Honda City car - The ...

Depreciation Claim Valid for New Honda City: Tribunal Confirms Asset Use Status Despite Limited Utilization.

May 13, 2024

Case Laws Income Tax AT

Disallowance of depreciation on new Honda City car - The Tribunal observed that the appellant had purchased the vehicle and got it insured on 30.09.2009, which was treated as being "put to use." It emphasized that the degree of utilization of assets should not be considered while determining whether the asset is put to use. The Tribunal referred to relevant CBDT notifications and concluded that the appellant was entitled to claim depreciation on the vehicle.

View Source

← Previous Next →

Disallowance of depreciation on new Honda City car - The ...

Depreciation Claim Valid for New Honda City: Tribunal Confirms Asset Use Status Despite Limited Utilization.

May 13, 2024

Case Laws Income Tax AT

You may also like:

The assessee, after being amalgamated with another company, treated the excess consideration paid over the net assets acquired as goodwill and claimed depreciation at...

ITAT adjudicated a tax dispute regarding depreciation claim on intangible assets. The tribunal held that the assessee's depreciation claim on intangible assets under...

Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...

ITAT adjudicated a tax dispute involving surface rights and intangible asset depreciation claims. The tribunal partially allowed the assessee's appeal, permitting...

Disallowance of depreciation on guest house - assessee has claimed depreciation @ 10% on guest house, which is applicable to factory and office buildings - assessee had...

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...

Delhi Tribunal grants additional depreciation on assets purchased for power generation - Article

Claim of depreciation in respect of assets allegedly leased - financing transactions - assessee purchased assets and leased back to the same company claiming 100% depreciation - HC

HC held that the amalgamated company was entitled to adjust the written down value of assets based on actual depreciation, despite not obtaining Central Government...

Claim of depreciation - Bifurcation of slump price into the value of tangible assets and intangible assets - Ultimately after the slump price has been attributed first...

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

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

Disallowance of depreciation claimed on the “Goodwill” - The Tribunal reiterated its earlier decision and held that the assessee was entitled to claim depreciation on...

Depreciation on assets taken on lease - once any asset enters into block asset and claim of depreciation in very first year is allowed, in subsequent year the...

The Appellate Tribunal considered a case involving revision u/s 263 of the Income Tax Act regarding depreciation claim on goodwill and intangible assets. The Principal...

Quick Updates: