Additional depreciation allowed on usage of assets less than 180 days

In terms of section 32(1)(iia), there is no restriction on assessee to carry forward additional depreciation and, thus, where only 50 per cent of additional depreciation is allowed in year of purchase of machinery as it was put to use for lass than 180 days during said year, balance 50 per cent of additional depreciation can be claimed in subsequent assessment year

IT/ILT : Where assessee gave loan to its subsidiary company located abroad to acquire another foreign company, in view of fact that at time of conversion of loan into cumulative redeemable preferential shares, there was fall in value of loan due to difference in foreign exchange conversion rate, said loss being in course of acquiring a capital asset, it was to be treated as capital loss not eligible for deduction

IT/ILT: Where assessee advanced loan to its AE located abroad, in view of order passed in case of Siva Industries & Holdings Ltd. v. Asstt. CIT [2011] 46 SOT 112 (URO)/11 taxmann.com 404 (Chennai), Assessing Officer was to be directed to adopt LIBOR method of rate of interest for purpose of determining ALP of loan transaction in question
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