Disallowance of depreciation on leased assets - As the owner, it ...

Owner Entitled to Depreciation on Leased Trucks u/s 32 of Income Tax Act for Business Use.

April 9, 2015

Case Laws Income Tax AT

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 hence, is entitled to claim depreciation in respect of additions made to the trucks, which were leased out - AT

View Source

← Previous Next →

Disallowance of depreciation on leased assets - As the owner, it ...

Owner Entitled to Depreciation on Leased Trucks u/s 32 of Income Tax Act for Business Use.

April 9, 2015

Case Laws Income Tax AT

You may also like:

Depreciation on leased assets - section 32 - Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business income - depreciaion allowed - HC

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...

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...

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...

Assessee entitled to claim depreciation on leased assets despite revenue's contention that transactions were mere financial transactions lacking ownership and usage for...

Claim of higher rate of depreciation - Mobile crane was registered as a heavy motor vehicle - depreciation at 40% on crane mounted on motor truck allowed u/s 32 - AT

The assessee, an individual sole proprietor, claimed depreciation on a car registered in her husband's name but funded by her business. While the assessee may be treated...

Additional depreciation u/s 32(1)(iia) – assessee would be entitled to additional depreciation u/s 32(1)(ii a) on the leased assets. - AT

The Gotanagar truck terminus is a plant and not building, for the purpose of claiming depreciation under section 32 read with section 43 of the Income-tax Act....

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...

Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...

Notional income rejected as assessee had recovered project cost from toll, advertisement and rental income, hence no designated return earned. Revenue subsidy disallowed...

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...

Depreciation u/s 32 - conversion of partnership firm into private limited company - assessee is entitled to depreciation on the enhanced cost at which the assessee has...

Additional depreciation - business of manufacture of cold drinks - the assessee is legally entitled to avail the benefit of additional depreciation under Section...

Quick Updates: