Home Highlights March 2019 Year 2019 This

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1. 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...

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. 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...

4. Oppression and Mismanagement - Validity of the Lease Deed - Doctrine of Res Sub-Judice - Appellants argued that the Tribunal overstepped its jurisdiction by setting...

5. Disallowance of claim of depreciation on the assets leased - operating lease - Allegation of the Revenue that the Assessee does not have any infrastructure is concerned,...

6. 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...

7. Disallowance on account of lease equalization – if the annual leasing charge is equivalent to 30% of the value of leased assets, the assessee would debit its P&L account...

8. Exemption form GST - upfront premium payable towards the services of leasing of the land for industrial purposes - Notification No. 12/2017 Central Tax (Rate) - The...

9. Levy of GST - providing residential land on lease basis for which lease premium charged/received - Since the entry grants the exemption to a leased / rented residential...

10. Exemption from GST - upfront amount charged by the Applicant (as lease premium) for granting long-term lease of ninety years - The AAR concludes that long-term leases...

11. 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...

12. Disallowance of finance lease rental payments - claim of the assessee to claim the lease rent as an expenditure in their computation - The ITAT held that the payment...

13. 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....

14. Nature of Lease - In substance, finance lease is a loan from the lessor to the lessee. In an operating lease, the lessor bears the risk of loss, the period is...

15. 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...