Home Highlights June 2011 Year 2011 This

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1. Depreciation on sale and lease back transaction – Not for sale sign affixed on assets - no material produced by the Revenue to show that the transaction of sale and...

2. Deduction of lease rentals for the equipment - lease rentals agreed between the parties were so crafted that they substantially cover present fair value of equipment -...

3. 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...

4. 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

5. 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...

6. 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...

7. Department failed to establish that Sale and lease back transaction was really a sham and dubious transaction and was a colourable device, depreciation allowed

8. Classification of transaction - sale or Lease Transaction - tripartite agreement - aforesaid transaction is sale of Empty Gas Cylinders (EGC) is inter State Sale...

9. 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...

10. Transaction of sale taking place or not - sale of Furnace - machinery or not - The contract involving receipt of lease rent for leasing of the flameless furnace does not...

11. Depreciation on non-existing assets - All the facts go to prove that hire purchase and lease transaction were only paper transactions and there was no genuine purchase...

12. Claim of depreciation @100% on leased out assets – sale and lease back - as long as the asset is utilized for the purpose of business of the assessee, the requirement...

13. Depreciation on sale and lease back contracts and lease contracts - number of transactions with different parties analyzed. - HC

14. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

15. Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...