https://www.taxtmi.com/circulars?id=2890 Ownership in finance lease transactions determines entitlement to depreciation under the Income-tax Act and is fixed by the terms of the contract between lessor and lessee; sham or non-existent assets created by hawala preclude depreciation, and sale-and-leaseback claims must be examined for substantive ownership. The Accounting Standard requiring lessee capitalisation in financial leases does not, by itself, alter the allowance of depreciation under tax law. en-us Fri, 09 Feb 2001 00:00:00 +0530 Mon, 11 Aug 2008 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2890 Ownership in finance lease transactions determines entitlement to depreciation under the Income-tax Act and is fixed by the terms of the contract between lessor and lessee; sham or non-existent assets created by hawala preclude depreciation, and sale-and-leaseback claims must be examined for substantive ownership. The Accounting Standard requiring lessee capitalisation in financial leases does not, by itself, alter the allowance of depreciation under tax law. Circulars Income Tax Fri, 09 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2890