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The concept of block of assets for the purpose of depreciation was brought in the Income tax for the purpose of simplicity of the allowance of depreciation while computing business income. Further, it has been provided section 50 of the I.T. Act that when a depreciable asset included in the block of asset is sold [...]
Section 50 of the I.T Act which is about capital gains on sale of depreciable assets is involved in the instant case .The assessee, who was running a lodge, is stated to have sold the property situated at No. 22/44, Venkatrao Road, Salem along with superstructures, namely, the building constructed thereon. While the assessing authority [...]
The assessee ,an owner of a hotel at Gwalior, had an immovable property at Pune . The assessee constructed a hotel on the said land in Pune and sold a portion of undivided share in the land and structure of Palace for certain consideration. In addition, the assessee was also paid a non-compete fee of [...]
The assessee is an individual engaged in the business of rig operation, transportation of LPG gas, marbles etc. The assessee had an export oriented unit run under the name and style of ‘GTP Granites’. On the expiry of the term of the benefit available to 100% export oriented unit under Section 10B of the Income [...]
Disability deduction u/s. 80DD of the I.T Act for expenses on maintenance ,nursing or medical … [Read More...]
The proposal of Cyprus government to impose a 7.5% tax on all money kept in fixed deposits in the … [Read More...]
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