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Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The grant received by the assessee towards plant and machinery and technical civil works is required to be reduced from the cost of assets for computing depreciation u/s 43(1) read with Explanation 10 of the Income Tax Act, 1961. The actual cost of assets is to be determined after reducing the portion of cost met directly or indirectly by any other person or authority. The grant received is directly attributable to meet the cost of plant and machinery and technical civil works, and hence, such portion is to be deducted from the value/cost of assets eligible for depreciation. The assessee's contention that the grant should not be reduced from the cost of assets is rejected, as the language of the statute is clear and requires literal interpretation. The judgment relied upon by the assessee is distinguished based on the peculiar facts and circumstances of the present case.
The grant received by the assessee towards plant and machinery and technical civil works is required to be reduced from the cost of assets for computing depreciation u/s 43(1) read with Explanation 10 of the Income Tax Act, 1961. The actual cost of assets is to be determined after reducing the portion of cost met directly or indirectly by any other person or authority. The grant received is directly attributable to meet the cost of plant and machinery and technical civil works, and hence, such portion is to be deducted from the value/cost of assets eligible for depreciation. The assessee's contention that the grant should not be reduced from the cost of assets is rejected, as the language of the statute is clear and requires literal interpretation. The judgment relied upon by the assessee is distinguished based on the peculiar facts and circumstances of the present case.
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