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Income Tax - Highlights / Catch Notes

Home Highlights June 2011 Year 2011 This

Sale and lease back transactions, no deduction of lease rental ...

Income Tax

June 2, 2011

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

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

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

  3. Dis allowance of lease rental paid to the Trust - Enhancement of lease rent allowed as revenue expenditure - - HC

  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. Whether lease rental income shall continue to be eligible for deduction under section 80-IAB? - Held Yes - AT

  6. 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 -...

  7. 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...

  8. 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...

  9. Incomes received from leasing out of hotels - exploitation of a commercial asset - lease rental received by the assessee is to be taxed under the head "Income from business" - AT

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

 

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