Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Depreciation on non-existing assets - All the facts go to prove ...

Income Tax

November 14, 2013

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 of lease of assets. - HC

View Source

 


 

You may also like:

  1. Depreciation on assets of hire purchase and leasing business – setting up of new business i.e. new source of income - There is no interconnection between the businesses...

  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. Revenue vs. capital expenditure - hire-purchase v/s agreement of lease - right to purchase to be exercised after expiry of certain period - held as lease transaction /...

  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. 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. 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. Disallowance of depreciation - Vehicles registered in the names of the purchasers and financed by the assessee under a hire purchase agreement - depreciation allowed - HC

  9. As the transaction of lease and sub lease was proved to be bogus no question of allowance of depreciation arises here - HC

  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

 

Quick Updates:Latest Updates