Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
Charitable tree plantation and maintenance for environmental preservation treated as "charitable activity", exempt from GST under Notification 12/2017...
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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