Facts A batch of appeals involving different aspects of section 271 of the Income-tax Act, 1961 were presented before the court. One of the cases involved the assessee-firm in I.T.A No. 2564 of 2005, which was in the business of purchasing kapas and converting it into cotton in the ginning factory owned by it and trading in cotton and cotton seeds.
The table specifies asset lives for property subject to depreciation under the general depreciation system provided in section 168(a) of the IRC or the alternative depreciation system provided in section 168(g). ... Cotton Ginning Assets: 12: 7: 12: 01.21: Cattle, Breeding or Dairy: ... Includes pollution control assets and all land ...
Ginning & Pressing Factory : Our Best Qualities : Balkrishna is well Known for manufacturing best cotton form its State of the Art and completely automatised and latest technology based plant in Cotton industry for last 10 years. Our Company is …
Depreciation (ginning machinery) - - - Ginner Profit Margin (%) 318 231 236 231 Total Ginnery Operation Costs 628 531 526 531 . T: +1 (202) 463-6660 | E: secretariat@icac | 1629 K Street NW, Suite 702, Washington, DC 20006, …
Depreciation on Appliances & Generator. See Publication 946 (2021), How To Depreciate Property | Internal Revenue Service (irs.gov) ... Any machinery equipment (other than any grain bin, cotton ginning asset, fence, or other land improvement) used in a farming business and placed in service after 2017, in tax years ending after 2017. The ...
Both Table B-1 and Table B-2 must be consulted to determine the correct recovery period. First, look in Table B-1 for a description of the property. Second, look in Table B-2 for a description …
Jai Mata Di Ginning Pressing Factory Ginning Pressing Factory in Bodwad, Jalgaon, Maharashtra, India; Shri Satyanarayan Trading Co. Manufacture of Cotton Oil, Oil Cake, & Pulses in… Om Laxmi Oil Industries LLP Cotton Ginning Pressing Factory in Beed, Maharashtra India; Ram Food Products Pvt. Ltd. Ginning Pressing Factory in Jalgaon ...
ginning cost over 2013 survey results in almost every category, likely due to the large bale volume per gin. (Valco et al., 2003, Valco et al., 2006, Valco et al., 2009, Valco et al., 2012, and Valco et al, 2015). Table 1. 2016 Beltwide average variable ginning cost per bale summary. Beltwide Survey Average Cost per Bale ($/bale) Bales Ginned ...
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cotton can not be use without ginning and hand process is very time and labour consuming. Thus the demand of the service is very huge in cotton growing areas. Demand for ginned cotton is …
placed in service after 2017, grain bins, cotton ginning assets, or fences used in a farming business (but no other land improvements). c. Railroad track. ... if you have expectations that your business income will be much higher in future years you may wish to limit the depreciation taken this year so the depreciation deduction in future years ...
COTTON GINNING AND PRESSING - Manufacturing Plant, Detailed Project Report, Profile, Business Plan, Industry Trends, Market Research, Survey, Manufacturing Process, Machinery, Raw Materials, Feasibility Study, Investment Opportunities, Cost and Revenue ... Factory Building - ... Depreciation Charges - As per IT Act WDV (Total) Annexure 32 ...
Understanding fixed asset useful life is crucial for effective depreciation and asset management within an organization. The useful life of a fixed asset represents the period over which the asset is expected to contribute value to the business operations. ... Cotton Ginning Assets: 12: 7: 12: 01.21: Cattle, Breeding or Dairy: 7: 5: 7: 01.221 ...
CIT 292 ITR 11 [relied upon in Manjunath Cotton & Ginning Factory (supra)] – wherein it is observed that concealment of income and furnishing of inaccurate particulars of income in Section 271(1)(c) of the Act, carry different meanings/ connotations. Therefore, the satisfaction of the Assessing Officer with regard to only one of the two ...
The Commissioner finds as a fact that during the year of assessment, the factory of the assessee was not actually employed in the work of ginning; and, presumably, it was not so employed under some arrangement made by the pool,although I have not been referred to any clause of the pool agreement under which the factories of some of the members ...
The assessee is Sri Gajalakshmi Ginning Factory Ltd., Palladam, hereinafter called the "company". ... Rs. 3800 under the head "business" under the erroneous impression that this amount represented the sale proceeds of the factory building on which depreciation was allowed. Against the order of the Income-tax Officer, the assessee preferred an ...
Related to certified ginning factory. Certified scale weigh ticket means a weigh ticket that has been issued by a. Certified nurse midwife means an advanced practice registered nurse who is certified in the. Certified mills means the lesser of 18 mills or the number of mills of school operating taxes levied by the district in 1993-94.. Participating Certified Nurse-Midwife means …
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The amount claimed is due in regard to a term loan granted to a small scale industry for construction of a ginning factory building and for purchase of machinery, secured by the mortgage of immovable property and hypothecation of certain machinery. The frame of the suit is a mortgage suit for sale.
Al-Hourri Ginning Factory, located west of Gedaref State, started operation in 2016 with a capacity of 50,000 Bales per season. All cotton bales are packed and wrapped in plastic as per the required export specifications. Al-Hourri is by far the best ginning plant in Sudan with state-of-the-art machinery operating at the highest international ...
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- The particulars of a cotton ginning factory shall be entered in the register maintained under sub-section (2) of section 3 and shall include the name of the factory, its situation and the name of the owner or lessee. ... [12 per cent.] on the invested capital minus the accumulated depreciation fund. [(m) cost of hessien and iron strips; (n ...
State of Maharashtra - Subsection Section 22(k) in The Maharashtra Cotton Ginning and Pressing Factories Rules, 1964 (k) depreciation charges of machinery and building; depreciation charges of machinery and building;
Ginning Factory Andral Road Bellary …Respondent (By Sri A. Shankar, Advocate) This ITA filed under Section 260A of I.T. Act, 1961 arising out of order dated 21-12-2005 passed in ITA 307/Bang/2003 for the Assessment year 2000-01, praying to (i) formulate the substantial question of law stated
Section 22 in The Maharashtra Cotton Ginning and Pressing Factories Rules, 1964 22. Maximum rates for ginning or pressing cotton. ... '6 per cent' by Notification No. 2873/ 150265-A-II. dated 5.8.1975.] on the invested capital minus the accumulated depreciation fund. ...
The cost of ginning cotton is an important concern for producers and ginners. Data from this survey provides information about key variable costs as a component of the overall cost of ginning cotton. These data also identify historical trends of gin operation and help to document the …
The MACRS Asset Life table is derived from Revenue Procedure 87-56 1987-2 CB 674. The table specifies asset lives for property subject to depreciation under the general depreciation …
Depreciation plays a pivotal role in asset management, representing the systematic allocation of a fixed asset's cost over its useful life. This accounting practice is essential for businesses to accurately reflect the …
Let us take a practical example. Suppose a ginning factory has a building worth Rs. 22 million, plant and machinery valuing Rs. 2 million and the staff is paid Rs. 50,000/- per month. The factory sought finance of Rs. 5,000,000/- from a bank on the basis of musharakah for a term of one year.
Get free access to the complete judgment in Gajalakshmi Ginning Factory Ltd. v. Commissioner Of Income-Tax on CaseMine.
KEY NOTE. 1. "Buildings" include roads, bridges, culverts, wells and tubewells. 2. A building shall be deemed to be a building used mainly for residential purposes, if the built-up floor area thereof used for residential purposes is not less than sixty-six and two-third per cent of its total built-up floor area and shall include any such building in the factory premises.
OM GINNING & PRESSING FACTORY (LEI# 3358003CNSPCDRYDPM93) is a legal entity registered with . The address is GAT NO 69 MHASAWAD, JALGAON ROAD, JALGAON, Mhasawad, IN-MH, 425116, IN. Toggle navigation open corp data
Depreciation on machinery & equipment 14000 Interest on total investment @ 10% 35000 Total 2713800 13. SALES PROCEEDS (PER ANNUM) S.N. Item Qty (Kg) Value (Rs.) 1. Ginned Cotton 75000 3000000 Total 3000000 14. PROFITABILITY (BEFORE INCOME TAX) 1. Annual Gross Profit 286200 2. % of Profit on Sales 9.54% 3. Break Even Analysis 3.1 Annual Fixed ...
17 Jagdamba Ginning Factory Company Name: Jagdamba Ginning Factory Business Owner: Employees: 11 - 50 People Main markets: North America South America Eastern Europe Southeast Asia Business Type: Manufacturer Product/Service: Cotton Bales Of, Long Staple, Short Staple My company was established in 1997. We are reputed Cotton Bales …
Get free access to the complete judgment in Bhavani Cotton Ginning & Pressing Factory,, Ahmedabad v. ITO, Ward-3(2)(5),, Ahmedabad on CaseMine.
Lakhtas Ginning Factory Company's Annual General Meeting (AGM) was last held on N/A and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on N/A. Lakhtas Ginning Factory Company's Corporate Identification Number (CIN) is U99999MH1951PLC010171 and its registration number is 10171. Users may contact Lakhtas ...
According to learned Authorised Representative, the amendment to section 32(2) was made w.e.f. 1st April, 1997, which restricts set off of brought forward depreciation …
7. We have noted the contentions of the parties. There is a difference of opinion on allowance of depreciation on plant and machinery remaining passive under pooling arrangements. In Bhikaji Venkatesh v. CIT, [1937] 5 ITR 626 (Nag), the assessee owned a ginning factory. He joined a pool of owners of such factories.
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