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Income Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Depreciation on sale and lease back transaction – Not for sale ...

Income Tax

July 19, 2014

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 lease back was not genuine or was bogus - HC

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  1. 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

  2. Sale and lease back transactions, no deduction of lease rental be allowed as sale of asset is paper transaction only – ITAT order reversed

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

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

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

  6. 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

  7. 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...

  8. 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...

  9. 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...

  10. Depreciation on leased assets - section 32 - Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business income - depreciaion allowed - HC

 

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