Finance lease agreements—Effect of publication of accounting standards on allowability of depreciation —Regarding

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..... Sir, Under the Income-tax Act, in all leasing transactions, the owner of the asset is entitled to the depreciation if the same is used in the business, under section 32 of the Income-tax Act. The ownership of the asset is determined by the terms of contract between the lessor and the lessee. 2. The Central Board of Direct Taxes vide Instruction No. 1978, dated 31st December, 1999 (F. No. 225/190 .....

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