Restriction of depreciation on mine
development to 10% as against 15% claim for AY
2011-12.
9. prior period expenditure - enhancement ... tunnels, sinking mine shafts installing
equipment and infra structure necessary to make
coal seams in mining area accessible for extraction.
The Mine Development expenditure includes
authorities below have erred in not allowing the depreciation
on 'Mining Rights' [not being cost of land of mines] claimed ... allowing expenses (in alternate to depreciation on it) incurred during the
year in respect of Mining Rights as revenue expenses
chose to make addition on a
completely new issue i.e., depreciation on Mining Lease and licence
which did not have any live connection with ... that since the assessee is not the owner of the mines, depreciation
is not allowable.
The view of the AO & CIT-A is incorrect
under
report the income by claiming depreciation, rather depreciation have
been charged only due to the lease hold mining rights considering the
same as intangible ... depreciation and
submission on the observations made by the AO while levying the penalty
is made as under.
Depreciation has been claimed on mining rights
previous year arising from commercial exploitation of any
mine (i.e not only the mine in respect of which commercial
exploitation resulted from the operation ... 30017, 30019 and 30020 of 2019
Result in
respect of
mining
Depreciation 322.15 184.04 293.65 267.78 244.17 283.96
Income
claim
additional depreciation u/s. 32(1)(iia) of the Act."
5. The CIT(A) allowed depreciation but disallowed additional depreciation by holding as
under ... feasibility of the mine,
to evaluate economics of the mine and contains the mine plan according to which the
mining activity is to be carried
from the mines known as Garco
Mines, Goa.
3.2.12 Section 32 of the Income-Tax Act,
1961 entitles a taxpayer to claim depreciation
at prescribed ... iron ore from Gharse Mines] from Gharse
family who were owners of the mine and there is no
dispute of depreciation on the same
business of coal mines and
he is extracting coal from open cast mines as well as underground
mines. As per details submitted ... within the Mines and very much part and parcel of the coal mines of the assessee.
Undisputedly, the coal mines are considered as plant
business of coal mines and
he is extracting coal from open cast mines as well as underground
mines. As per details submitted ... within the Mines and very much part and parcel of the coal mines of the assessee.
Undisputedly, the coal mines are considered as plant
depreciation Oil survey instrument
acquired during year Section 32 of the Income Tax Act, 1961.
Depreciation - Additional depreciation - Assessment year 2008-09 -
Whether coal mining ... detailed
chart showing depreciation claimed and depreciation allowable to the
assessee. I find that the assessee has claimed excess depreciation on
"land & site
