The assessee company claimed depreciation on the flats , office buildings and cars which were on lease . The A.O disallowed the cliam of depreciation on those assets on the grounds that the the assessee is not the owner of the asset , as such it can not claim depreciation on those assets The issue [...]
Depreciation Allowable to Motor Lease Financing Company
September 21, 2012 by 1 Comment
The assessee company was engaged in the business of finance and leasing. The assessing authority disallowed the depreciation claimed on the vehicles leased on the ground that, the vehicles which were purchased were under financial assistance and the assessee was not the owner, therefore, he was not entitled to depreciation. Both CIT(A) and Tribunal confirmed [...]
Section 2(22):No Dividend if No Release of Accumulated Profits .
September 18, 2012 by Leave a Comment
The applicant company , a wholly owned subsidiary of a U.K. registered company, wanted to capitalize the free reserves by allotting fully paid redeemable bonus preference shares to the existing shareholders in the ratio of their shareholding. It therefore applied befote Authority on Advance Ruling seeking advance ruling from the authority on the question as [...]
No Deemed Dividend if Advance or Loan Given in Ordinary Course of Business
September 18, 2012 by Leave a Comment
The assessee is engaged in the business of dyeing and printing of cloth and was acting as an ancillary unit of M/s. Pee Empro Exports (P.) Ltd. for the last several years. Both the assessee-company and M/s. Pee Empro Exports (P.) Ltd. have common shareholders/directors Mr. P.S. Uppal, Mr. P.M.S. Uppal, Mr. Surinder Uppal and [...]
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