https://www.taxtmi.com/caselaws?id=216820 Depreciation rates are governed by the law in force on the first day of the relevant assessment year; amended rates effective from 2 April 1983 therefore did not apply to assessment year 1983-84. Lease rent paid under a lease deed read with a contemporaneous purchase option agreement may constitute capital expenditure where the arrangements form one composite transaction, effectively transfer the property, and confer rights consistent with ownership. In that situation, the amount is capitalised and depreciation is available to the person treated as owner, notwithstanding that formal conveyance registration has not occurred. en-us Tue, 18 Sep 2012 00:00:00 +0530 Mon, 24 Sep 2012 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216820 Depreciation rates are governed by the law in force on the first day of the relevant assessment year; amended rates effective from 2 April 1983 therefore did not apply to assessment year 1983-84. Lease rent paid under a lease deed read with a contemporaneous purchase option agreement may constitute capital expenditure where the arrangements form one composite transaction, effectively transfer the property, and confer rights consistent with ownership. In that situation, the amount is capitalised and depreciation is available to the person treated as owner, notwithstanding that formal conveyance registration has not occurred. Case-Laws Income Tax Tue, 18 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216820