Depreciation on new aircraft purchased during the year - Actual ...

Depreciation Allowed on Aircraft Held for Business Use Despite Lack of Revenue or Certification Under Income Tax Act.

January 16, 2024

Case Laws Income Tax AT

Depreciation on new aircraft purchased during the year - Actual use for less than 180 days - The aircraft certainly was not allowed to fly to carry passengers or cargo in the absence of this certification by the competent authority, but, that did not stop the assessee from holding it in its own name for the purpose of its business. The phrase, ‘used for the purpose of business’ in section 32 of the Act does not mean that the use should be by way of generating revenue only. - AT

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Depreciation on new aircraft purchased during the year - Actual ...

Depreciation Allowed on Aircraft Held for Business Use Despite Lack of Revenue or Certification Under Income Tax Act.

January 16, 2024

Case Laws Income Tax AT

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