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2018 (5) TMI 951 - AT - Income TaxInterest on share application money and depreciation of leased assets - Held that:- We direct the AO/TPO to work out and restrict the said adjustment by adopting rate of interest as 6 months’ LIBOR plus 150bps for the delayed receipt of the payment. Lease rental - financial lease or operating lease - Held that:- Lease transaction as that being in the nature as that of a 'Finance lease'. had however declined to allow the claim of the assessee company towards 'depreciation' and 'Interest' and herein direct the AO to verify the amount of loan and the amounts of interest payments made by the assessee company during the year under consideration towards such loans taken for purchase of railway wagons through finance lease method and allow the claim of interest payment accordingly. Still further the A. O is directed to verify the rate and amount of depreciation on the railway wagons to which the assessee company would stand entitled as per Sec. 32(1) and allow depreciation in the hands of the assessee company. Depreciation on Motor Car - Held that:- Assessee was in possession of an asset and was using for its business ownership of such assets should be presumed - that title deeds were not necessary as long as assessee had dominion over the assets - that De facto ownership was to be looked into and nont De jure ownership. See Indian Railway Finance Corporation (2014 (6) TMI 224 - DELHI HIGH COURT). Mysore Minerals (1999 (9) TMI 1 - SUPREME Court) and Gupta Global Exim(P.) Ltd. (2008 (5) TMI 7 - SUPREME COURT).
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