| Court: | Pune ITAT |
| Head Notes: | Explanation 5 to Section 32 of the Act is not applicable in a case, when the department has not thrusted the depreciation on the assessee and allowed the same while computing the income of the assessee. In such a scenario ‘actual cost’ of the asset would be treated as ‘WDV’ of the asset, since no depreciation has been ‘actually allowed’ to the assessee as per section 43(6)(b) of the Act. |
| Law: | Income-Tax Act |
| Section(s): | 32, 43(6)(b) |
| Counsel(s): | Aliasgar Rampurawala & Pratik Shah |
| Dowload Pdf File | Click here to download the file in pdf format |
| Uploaded By | Aliasgar Rampurawala |
| Date of upload: | March 8, 2023 |
It is one of the best latest judgments of this 2023 and needed to be published in the print media so the assessee’s across India can take benefits.
Sir
Congratulations to you first.
In so far the order is concerned, I am sure my batchmate would not stop giving such best order, many more to witness.
Dear Zaware,
Heartiest congratulations.
We will love to see such thought provoking orders from Shri Padmahshali.
Sir
Is he your past student?
My goodness!!!
Congratulations Sir
Good order.
Tons of congratulations on this one and many more to come.
Best wishes to Shri Jamlappa too.
Congratulations Zaware Sir!!!!!
Indeed, it is well written order and i agree that it should be reported in print media across the country to enable others to take advantage of this judgement.
It’s difficult for first generation professional
or judges to get into limelight as they are
banner-less……………………
The fruits would enjoyed by the lineally decedents……………………. hhhhhhhhh
The order has elaborately dealt with the facts and came to logical conclusion in allowing the depreciation on the original cost of acquisition of goodwill.
Nice order
Is it applicable to non-goodwill cases also?
Certainly to all class of assets✅
The order has rightly considered the judicial precedents laid by supreme court in the context of explanation 5 to section 32 of the Income Tax Act and allowed the depreciation on the actual cost.
It is also worthy to note that the order gives two logical explanation in allowing the same on both counts.
Hello Rajan,
Please connect to me
Shreeram Chandratrey
9422012321
I think there are many more decision rendered on the issue of allow-ability of depreciation u/s 32 of the Income Tax Act following the judgment of Supreme Court in Smifs Securities Ltd cited by 348 ITR 302 (SC).
However, this is the first order whereby the written down value for the purpose of depreciation is allowed to be computed without reducing notional depreciation from the cost of acquisition when acquired prior to financial year.
Good one!!!!!
To my view the order is too long in size and lost in repetitive recital of facts.
The author could have precisely dealt with the same.
On adjudication count, yes it is thought provoking one.
I agree to view sir.
True
I have taken note of the order and would publish in Sakal Marathi this weekend.
Please read this weekend tax column without fail.
Please let us know the date of article published in the newspapers?
I think many more order of this Member is in circulation which has been adjudicated in favour of Assessee on TDS Credit issue which can be find in taxman’s and Taxscan websites.
It’s quite surprising how and what for this order remained unreported?
Internal Politics . . . .
Other orders of this Member are like
1. [2023] 147 taxmann.com 167 (Pune – Trib.)
2. [2023] 147 taxmann.com 260 (Pune – Trib.)
A Must read on TDS Credit.
???
The author is kind enough to give relief to the assessee on both counts;
1. Treating the goodwill as acquired in the previous year.
and
2. Treating the goodwill it as acquired prior to previous year.
It is not strange to find logical conclusion while allowing the appeal of the assessee and deserves thumbs up……
Right ?
Nice Order