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 …
One of the fundamental drivers of any transaction involving the sale of securities is the impact of tax laws on such transaction. As per section 45 of the IT Act, any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head "capital gains". Securities of an …
