Section: 32
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Depreciation on income assessed under other sources
From the fact, it is clear that the company has not started construction business but received electricity charges by letting out wind mill; which is presumed to be not business of the company.
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Whether Benefit Of Section 54F Is Available Of HUF Invest In The Name Of Co-parcener?
According to me no benefit would be available to the HUF if it invests in the name of coparcener. Under section 2 (31) read with section 4 the HUF as well as coparcener are separate assessable entities. This view is supported by the decision of Income Tax Appellate Tribunal, Nagpur Bench in ITO vs. Prakash Timaji Dhangode [258 ITR (AT) 114], where the Tribunal has held as under:
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Can Asset Sold of One Unit Be Adjusted Against Block Of Assets Of Another Unit?
S. 32 of the Income-tax Act, 1961, provides for a deduction or allowance being made in respect of depreciation of building, machinery, plant or furniture owned by the assessee and used for purpose of his business or profession, [Golcha Properties Pvt. Ltd. vs. CIT [209 ITR 80 (Raj)].
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Can Disallowance Be Made U/s. 40(a)(a) For Non-Deduction Of Tax On Depreciation?
Section 40 starts with “notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”: – (ia) any interest, commission or brokerage, [rent, royalty] fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor,
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What Are The Rates Of Depreciation On J.V.C. Machine, Road Roller And Crane, Whether @ 30% or @ 15%?
Item No. 3(ii) of Part III (Machinery and Plant) of New Appendix I prescribes higher rate @30% of motor buses, motor lorries and motor taxies used in a business of running them on hire.
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One of our factories is shut for more than 2 years with no operations. Can we still claim depreciation?
Yes! You are entitled to claim depreciation even on assets that are not used provided they are part of a “block of assets” and the block has been used during the year. The user of the “block” is important and not that of individual assets.