Home Highlights December 2012 Year 2012 This

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1. Depreciation on the LPG Cylinders - loaning of the cylinders against security deposit - depreciation allowed - AT

2. 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...

3. Depreciation on Assets – whether lessor was entitled to depreciation on assets leased by it in finance lease - Held No - lease agreement under consideration was that of...

4. Disallowance of depreciation on cars given on lease - no depreciation is claimed by the lessee on these leased cars - assessee company has rightly claimed the...

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. 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

8. Claim for depreciation on the leased vehicles - the finding by the ld. CIT(A) of the character of the lease as an operating lease cannot, under the circumstances, be...

9. 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....

10. 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...

11. Supply of Tangible Goods Service - lease agreement - acquiring CESSNA make air craft on lease - After analyzing the lease agreement and legal provisions, the Tribunal...

12. Levy of Special Excise duty - Air Conditioners and parts - case of the department is that the goods which have been cleared by the appellant are having essential...

13. Higher rate of Depreciation - CIT(A) allowed depreciation @ 80% for the reason that the assessee has not restricted the depreciation on Cylinders, Valves and regulars,...

14. Cenvat Credit - LPG, Exempt goods or not - The LPG generated during the course of manufacture of motor sprit (MS), High Speed Diesel Oil, aviation Turbine fuel (ATF),...

15. Valuation of goods - Inclusion of value of Handle assembly, Ball valve assembly, over flow assembly, Syphon assembly, Outlet flange assembly and Flush pipe assembly -...