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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Disallowance of depreciation on cars given on lease - no ...

Income Tax

November 2, 2015

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 depreciation on the leased assets i.e. cars - AT

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  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. Depreciation on leased out Air Jet Spindle Assembly and Positar Disc / leased out LPG cyclinders - the assessee was not entitled to depreciation. - HC

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