Home Highlights September 2014 Year 2014 This

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1. 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

2. Depreciation on non-existing assets - All the facts go to prove that hire purchase and lease transaction were only paper transactions and there was no genuine purchase...

3. Assets given on lease and returning back to the assessee and again given on lease depreciation is required to be allowed once the assets purchased in the earlier year...

4. 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

5. Depreciation on the Cranes given on lease to Oil India Limited @ 30% disallowed - according to the Revenue, such assets were not used for hire and, therefore, are not...

6. 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...

7. Delhi Tribunal grants additional depreciation on assets purchased for power generation - Article

8. Revenue vs. capital expenditure - hire-purchase v/s agreement of lease - right to purchase to be exercised after expiry of certain period - held as lease transaction /...

9. 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...

10. Depreciation on Car - Assessee has not earned any revenue from hotel business - The assessee company is in existence under the Companies Act and it has to fulfill...

11. Disallowance of depreciation claimed by the assessee u/s 32 on the fixed assets acquired/purchased during the year - asset put to use or not? - Once a new factory has...

12. Repossession of assets given on hire purchase - loss incurred by the assessee due to sale of repossessed assets are allowable as business loss - AT

13. Demand of service tax on the interest earned from hire purchase finance transactions. - The Tribunal observes that the ownership of the goods remains with the customers,...

14. Depreciation on Assets – whether lessor was entitled to depreciation on assets leased by it in finance lease - Held No - lease agreement under consideration was that of...

15. 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...