Disallowance of depreciation - Finance lease - on a combined ...

Depreciation on Leased Trucks Allowed as Business Income u/ss 2(13), 2(24), and 32 of Income Tax Act.

September 16, 2013

Case Laws Income Tax AT

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 income, or income derived in the course of business, and has been so assessed. Hence, it fulfills the second requirement of Section 32 viz. that the asset must be used in the course of business. - AT

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Disallowance of depreciation - Finance lease - on a combined ...

Depreciation on Leased Trucks Allowed as Business Income u/ss 2(13), 2(24), and 32 of Income Tax Act.

September 16, 2013

Case Laws Income Tax AT

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