CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
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.
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