Assessee Entitled To Claim Depreciation In Respect Of Assets On The Actual Cost Of Assets: Bombay High Court
1 year, 5 months ago

Assessee Entitled To Claim Depreciation In Respect Of Assets On The Actual Cost Of Assets: Bombay High Court

Live Law  

The Bombay High Court has held that the assessee is entitled to claim depreciation in respect of any assets based on the actual cost of the assets.The bench of Justice K.R. The Bombay High Court has held that the assessee is entitled to claim depreciation in respect of any assets based on the actual cost of the assets. Sathaye observed that the actual cost of the assets will be the actual cost that the assessee paid to the predecessor after revaluing the assets, and certainly, the assessee will be entitled to claim depreciation for the subsequent years on the basis of the actual cost paid. The assessee, as per Section 32 read with Rule 5, will be entitled to claim depreciation in respect of any assets on the actual cost of the assets.

Tax Court Bombay High Court Assets Income Tax Income Cost Claim Claimed Assessee Entitled Depreciation Actual  claim  assessee  cost  bombay  tax  income  depreciation  rs  assets  entitled  court  claimed  high  actual  respect

History of this topic

High Court Rules on Goodwill as Expenditure, Allows Depreciation on Acquisition
2 months ago

High Court Rules on Goodwill as Expenditure, Allows Depreciation on Acquisition

Live Law  

The Delhi High Court has ruled that goodwill is not 'income' but rather 'expenditure' for acquisition of assets and therefore, an assessee is entitled to charge depreciation on the amount spent towards it. The court cited Commissioner of Income Tax, Kolkata v. Smifs Securities Ltd. (2012) to support its decision.

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 The Existence Of Goodwill Is Established, Depreciation On Goodwill Cannot Be Questioned: ITAT
1 year, 6 months ago

Once The Existence Of Goodwill Is Established, Depreciation On Goodwill Cannot Be Questioned: ITAT

Live Law  

The Hyderabad Bench of the Income Tax Appellate Tribunal has held that once the existence of goodwill is established, depreciation on goodwill cannot be questioned.The bench of K. Narasimha Chary and R.K. Panda has observed that the transfer of IP from Blujay India to Blujay UK cannot question the benefits accrued from the bundle of assets. In appeal, the CIT …

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 …

Discover Related