Depreciation on Leased Trucks Allowed as Business Income u/ss 2(13), 2(24), and 32 of Income Tax Act.

Depreciation on Leased Trucks Allowed as Business Income u/ss 2(13), 2(24), and 32 of Income Tax Act. https://www.taxtmi.com/highlights?id=14520 Disallowance of depreciation - Finance lease - on a combined reading of Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business income, or income derived in the course of business, and has been so assessed. Hence, it fulfills the second requirement of Section 32 viz. that the asset must be used in the course of business. - AT en-us Mon, 16 Sep 2013 10:51:14 +0530 Mon, 16 Sep 2013 10:51:14 +0530 TaxTMI RSS Generator Depreciation on Leased Trucks Allowed as Business Income u/ss 2(13), 2(24), and 32 of Income Tax Act. https://www.taxtmi.com/highlights?id=14520 Disallowance of depreciation - Finance lease - on a combined reading of Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business income, or income derived in the course of business, and has been so assessed. Hence, it fulfills the second requirement of Section 32 viz. that the asset must be used in the course of business. - AT Highlights Income Tax Mon, 16 Sep 2013 10:51:14 +0530 https://www.taxtmi.com/highlights?id=14520