Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: cpt
 
 
From the Courts »
 M/S Abhipra Capital Ltd. Vs. Deputy Commissioner Of Income Tax (Investigation)
 Rashtriya Chemicals & Fertilizers Limited vs. CIT (ITAT Mumbai)
  Abicor and Binzel Technoweld Pvt. Ltd vs. UOI (Bombay High Court)
 Abicor and Binzel Technoweld Pvt. Ltd vs. UOI (Bombay High Court)
 CST vs. Shri Krishna Chaitanya Enterprises (Bombay High Court)
 Industrial Infrastructure Development Corporation (Gwalior) M.P. Ltd vs. CIT (Supreme Court)
 Principal Commissioner Of Income Tax-7 Vs. Pavitra Commercial Ltd.
 Commissioner Of Income Tax Delhi Iv Vs. Gee Kay Finance & Leasing Co. Ltd.
 Pr.Commissioner Of Income Tax-6 Vs. Nokia Solutions & Network India Pvt Ltd (Formerly Known As, Nokia Siemens Network Pvt Ltd)
 SKY Light Hospitality Llp Vs. Assistant Commissioner Of Income Tax, Circle -28(1), New Delhi
 Tax outgo may rise for investors in companies undergoing M&A cases

ACIT vs. Victory Aqua Farm Ltd (Supreme Court)
September, 24th 2015

(i) Applying the ‘functional test’, since the ponds were specially designed for rearing/breeding of the prawns, they have to be treated as tools of the business of the assessee and the depreciation was admissible on these ponds.

(ii) In Commissioner of Income Tax vs. Anand Theatres 224 ITR 192 it was held that except in exceptional cases, the building in which the plant is situated must be distinguished from the plant and that, therefore, the assessee’s generating station building was not to be treated as a plant for the purposes of investment allowance. It is difficult to read the judgment in the case of Anand Theatres so broadly.

The question before the court was whether a building that was used as a hotel or a cinema theatre could be given depreciation on the basis that it was a “plant” and it was in relation to that question that the court considered a host of authorities of this country and England and came to the conclusion that a building which was used as a hotel or cinema theatre could not be given depreciation on the basis that it was a plant. We must add that the Court said, “To differentiate a building for grant of additional depreciation by holding it to be a plant in one case where a building is specially designed and constructed with some special features to attract the customers and the building not so constructed but used for the same purpose, namely, as a hotel or theatre would be unreasonable.” This observation is, in our view, limited to buildings that are used for the purposes of hotels or cinema theatres and will not always apply otherwise. The question, basically, is a question of fact, and where it is found as a fact that a building has been so planned and constructed as to serve an assessee’s special technical requirements, it will qualify to be treated as a plant for the purposes of investment allowance (Commissioner of Income Tax, Karnataka v. Karnataka Power Corporation [2002(9) SCC 571] followed)

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions