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Income Tax - Highlights / Catch Notes

Home Highlights December 2022 Year 2022 This

Disallowance of depreciation in respect of asset given on lease ...

Income Tax

December 23, 2022

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 specified lease rent for a lease period of 10 years - the assessee is entitled for depreciation on the leased asset as per provisions of section 32(1) - CIT(A) after considering relevant facts has rightly deleted additions made by the AO towards disallowance of depreciation - AT

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