ITAT Directs AO To Allow Depreciation On Molasses Tanks By Making The Correct Computation Of New Assets
2 years, 5 months ago

ITAT Directs AO To Allow Depreciation On Molasses Tanks By Making The Correct Computation Of New Assets

Live Law  

The Kolkata Bench of the Income Tax Appellate Tribunal, consisting of Aby T Varkey and Girish Agarwal, has directed the assessing officer to allow the depreciation on molasses tanks by making the correct computation of new assets. The CIT, in respect of the claim of depreciation on the molasses tank, directed the AO to allow depreciation after verifying that the new plant and machinery were put to use. The ITAT directed the AO to allow the claim of the assessee on depreciation on molasses tanks by making the correct computation in respect of new assets and the correct written down value of the molasses tanks. AO to assist him in arriving at the correct amount of depreciation allowable on the molasses tanks," the ITAT said.

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History of this topic

Once ITO Accepted Income Earned Which Is Totally Based Upon Depreciation Plus 15% Markup, There Is No Reason To Deny Cost: Delhi ITAT
9 months, 1 week ago

Once ITO Accepted Income Earned Which Is Totally Based Upon Depreciation Plus 15% Markup, There Is No Reason To Deny Cost: Delhi ITAT

Live Law  

Finding that the assessee had arrangement with its AE for billing cost plus 15%, which has been duly billed during the year and entire depreciation cost plus 15% has been billed to the AE, the New Delhi ITAT allowed the depreciation claimed by assessee. The Bench of Shamim Yahya and Challa Nagendra Prasad observed that “When the Revenue is accepting …

Once Safe Harbour Rule Of 5% Is Held As Applicable, No Addition Can Be Made By Invoking Sec 50C, Reiterates Kolkata ITAT
9 months, 1 week ago

Once Safe Harbour Rule Of 5% Is Held As Applicable, No Addition Can Be Made By Invoking Sec 50C, Reiterates Kolkata ITAT

Live Law  

On finding that CIT was justified in adopting the valuation given by the DVO and has rightly considered the safe harbour rule of 5% as per third proviso to section 50C of the Income Tax Act, 1961, the Kolkata ITAT upheld the CIT's decision to delete the addition made under the head of “Capital gains”. The Bench of the ITAT …

ITAT Allows 60% Depreciation On ATM machines As Applicable To Computer Software
2 years, 2 months ago

ITAT Allows 60% Depreciation On ATM machines As Applicable To Computer Software

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal has allowed the 60% depreciation on ATM machines as applicable to computer software.The two-member bench of Sonjoy Sharma and G. Manjunatha has observed that once the assessee is entitled to 60% of depreciation on ATM machines, the Assessing Officer has to work out the depreciation right from. The Chennai Bench of …

Assessee Entitled To Additional Depreciation On The Power Plant And Installed Windmill: Delhi ITAT
2 years, 6 months ago

Assessee Entitled To Additional Depreciation On The Power Plant And Installed Windmill: Delhi ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal consisting of Yogesh Kumar U.S. and B.R.R. The CIT deleted the addition on account of depreciation made while calculating book profit under section 115JB of the Income Tax Act. The CIT upheld the action of the Assessing Officer in making an addition on account of additional depreciation under section 32 of …

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