Fictitious depreciation claims tied to sham leasing arrangements should be investigated and disallowed as abusive tax claims. Fictitious book entries and circular leasing arrangements were used to create deemed ownership of computers so third parties could claim depreciation and investment allowance; Assessing Officers were directed to investigate listed cases and disallow any depreciation/investment allowance claims found to be fictitious.
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Fictitious depreciation claims tied to sham leasing arrangements should be investigated and disallowed as abusive tax claims.
Fictitious book entries and circular leasing arrangements were used to create deemed ownership of computers so third parties could claim depreciation and investment allowance; Assessing Officers were directed to investigate listed cases and disallow any depreciation/investment allowance claims found to be fictitious.
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