Finance lease agreements—Effect of publication of accounting standards on allowability of depreciation —Regarding

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eral of Income-tax. Sir, Under the Income-tax Act, in all leasing transactions, the owner of the asset is entitled to the depreciation if the same is used in the business, under section 32 of the Income-tax Act. The ownership of the asset is determined by the terms of contract between the lessor and the lessee. 2. The Central Board of Direct Taxes vide Instruction No. 1978, dated 31st Decemb .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ion on the allowance of depreciation on assets under the provisions of the Income-tax Act. 4. The contents of this circular may be brought to the notice of all concerned. Yours faithfully, (Sd.) Kamlesh C. Varshney, Under Secretary to the Government of India. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Manageme .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X