Tag: Taxation

What is the meaning of the expression “used for the purposes of the business”

What is the meaning to be ascribed to the expression “used for the purposes of the business” as found in Section 32 of the Income Tax Act, 1961. The provision of Section 32 pertains to depreciation. The contention of the Revenue is that with respect to any machinery for which depreciation is claimed u/s 32, the same cannot be allowed unless such machinery is used in the business and since discarded machinery is not used in the business, therefore, with respect to the discarded machinery no depreciation can be allowed.

Taxing Law in India

  1.  Accounting Standards U/s 145(2) of IT Act 2. Authority for Advance Rul¬ings (Procedure) Rules, 1996 3. Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016 4. […]