Home Highlights September 2013 Year 2013 This

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1. Depreciation - only the lessee can be treated as owner of the asset in case of a finance lease - No depreciation can be allowed to the lessor in such a case of a genuine...

2. Claim of depreciation in respect of assets allegedly leased - financing transactions - assessee purchased assets and leased back to the same company claiming 100% depreciation - HC

3. Depreciation on lease assets given to Konkan Railway Corporation Ltd - the transaction in question is finance lease and not operating lease. - no depreciation on asset...

4. Disallowance of depreciation in respect of asset given on lease - the lessee has been given only right to use the asset for the terms of the lease on payment of...

5. Nature of Lease - In substance, finance lease is a loan from the lessor to the lessee. In an operating lease, the lessor bears the risk of loss, the period is...

6. Whether entering into a lease transaction would amount to transfer? - the CIT(A) is right in its observation that a lease transaction would not amount to a transfer and...

7. Assets given on lease and returning back to the assessee and again given on lease depreciation is required to be allowed once the assets purchased in the earlier year...

8. Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...

9. Disallowance of depreciation on leased assets - As the owner, it used the assets in the course of its business, satisfying both requirements of Section 32 of the Act and...

10. Depreciation on lease buses – Nature of lease – Operating lease OR Finance Lease – merely because depreciation is allowed on the same assets (buses) to M/s. DMRC Ltd....

11. Tax Planning versus Tax Avoidance - Finance Lease / Operating lease - No straight jacket formula can be adopted to say that every case of sale and lease back...

12. Disallowance of Depreciation - lease transaction - No depreciation can be allowed to the lessor - it was a case of mere advancing of loan by the assessee to Indo Gulf...

13. Depreciation on leased asset - Solar Generating System – Once, lease rentals are accepted by the revenue, there is no reason to disallow the depreciation - AT

14. Depreciation on leased asset - in case the said lease rent is assessed under the head ‘income from other sources, then assessee is eligible for depreciation u/s 57(ii) - AT

15. Depreciation on leased out Air Jet Spindle Assembly and Positar Disc / leased out LPG cyclinders - the assessee was not entitled to depreciation. - HC