Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
A taxpayer purchasing new plant and machinery for use for less than 180 days is entitled to claim only 50% of the additional depreciation in the first assessment year, but the remaining 50% may be carried forward to the next year. The Madras High Court in Shri T.P. Textiles applied the legislative intent behind the Finance Act, 2015 amendment and held that the proviso to the depreciation provision limits only the first-year allowance, not the total entitlement, so as to avoid discrimination between assessees using machinery for less than 180 days and those using it for longer periods.
A taxpayer purchasing new plant and machinery for use for less than 180 days is entitled to claim only 50% of the additional depreciation in the first assessment year, but the remaining 50% may be carried forward to the next year. The Madras High Court in Shri T.P. Textiles applied the legislative intent behind the Finance Act, 2015 amendment and held that the proviso to the depreciation provision limits only the first-year allowance, not the total entitlement, so as to avoid discrimination between assessees using machinery for less than 180 days and those using it for longer periods.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
