Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2016 Year 2016 This

Claim for depreciation on the leased vehicles - the finding by ...


Court Upholds Assessee's Claim for Depreciation on Vehicles, Confirms Lease as Operating Lease per CIT(A) Decision.

August 31, 2016

Case Laws     Income Tax     AT

Claim for depreciation on the leased vehicles - the finding by the ld. CIT(A) of the character of the lease as an operating lease cannot, under the circumstances, be faulted, and the assessee, accordingly, entitled to it’s claim for depreciation on the leased vehicles - AT

View Source

 


 

You may also like:

  1. The vehicle in respect of which assessee seeks to claim depreciation @ 50% is a ‘light motor vehicle’ and therefore the claim for enhanced rate of depreciation is on a...

  2. 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

  3. Claim of higher depreciation of ‘Bizerba weighing scales’ - A photocopy (xerox) machine can also be attached to a computer, however, that does not entitle it for...

  4. HC quashed reassessment notice under s.148 concerning lease payments, foreign currency transactions, and goodwill depreciation. Court found no valid grounds for...

  5. Depreciation on lease buses – Nature of lease – Operating lease OR Finance Lease – merely because depreciation is allowed on the same assets (buses) to M/s. DMRC Ltd....

  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. ITAT upheld CIT(A)'s decision allowing deduction of Finance Lease Rental Payments under section 37(1) as revenue expenditure. Revenue's appeal challenging depreciation...

  8. Depreciation on vehicles u/s 32 - @30% or 50% - special rate of depreciation - assessee has claimed depreciation @ 50% i.e. on tankers - Since the assessing officer has...

  9. Disallowance of depreciation on cars given on lease - no depreciation is claimed by the lessee on these leased cars - assessee company has rightly claimed the...

  10. Revision u/s 263 by CIT - claim of higher depreciation at the rate of 30% on vehicles - Even in the 263 proceedings before Ld. Pr. CIT and in the proceedings before us,...

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

  12. 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...

  13. The Delhi High Court addressed issues related to reimbursement of software costs, reimbursement of expatriate salaries, and lease registration charges. The court held...

  14. Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee....

  15. Supply of leasing of the pre-owned motor vehicle - Rate of GST - The authority is of opinion that the supply of leasing of pre-owned vehicles cannot be treated as...

 

Quick Updates:Latest Updates