Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
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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