Home Highlights June 2013 Year 2013 This

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1. Disallowance of depreciation on assets acquired and leased back - On a combined reading of Section 2(13) and Section 2(24) the income derived from leasing of the trucks...

2. Disallowance of depreciation - Finance lease - on a combined reading of Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business...

3. Correct head of income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - “income from business” or “income from house property” -...

4. Income from leasing the hotel was income from business and not income from house property - AT

5. The ITAT Delhi ruled on the correct classification of income from property lease - whether as rental income, business income, or other sources. The lease agreement...

6. Depreciation on lease assets given to Konkan Railway Corporation Ltd - the transaction in question is finance lease and not operating lease. - no depreciation on asset...

7. Correct head of income - nature of receipt from lease/ rent - the assessee employed commercial assets to earn income. Unless and until the income is treated as business...

8. 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

9. Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...

10. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

11. 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...

12. Income from house property - Income received on leasing of land and building - the assessee had correctly shown the said income under the head “income from house...

13. 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

14. Benefit of depreciation - vehicles leased out - As the owner, it used the assets in the course of its business, satisfying both requirements of Section 32 of the Act and...

15. Disallowance of depreciation on leased assets - As the owner, it used the assets in the course of its business, satisfying both requirements of Section 32 of the Act and...