DEPRECIATION - AVOID LAST MOMENT PURCHASE OF NEW ASSETS to avoid doubts, disallowance, penalty and litigation a lesson from recent judgment on penalty.

DEPRECIATION - AVOID LAST MOMENT PURCHASE OF NEW ASSETS to avoid doubts, disallowance, penalty and litigation a lesson from recent judgment on penalty. https://www.taxtmi.com/article/detailed?id=266 Timing of acquisition and putting assets into use affects entitlement to depreciation and exposure to penalty. Where assets are acquired and leased out before the cutoff, ownership plus leasing can satisfy the put-to-use requirement even if hirers alone operate them. Contemporaneous invoices, delivery confirmations, commissioning records and lease agreements showing transfer and handing over to hirers support a bona fide depreciation claim and rebut allegations of sham transactions or concealment. en-us Thu, 15 Jan 2009 00:00:00 +0530 Thu, 15 Jan 2009 17:51:17 +0530 TaxTMI RSS Generator DEPRECIATION - AVOID LAST MOMENT PURCHASE OF NEW ASSETS to avoid doubts, disallowance, penalty and litigation a lesson from recent judgment on penalty. https://www.taxtmi.com/article/detailed?id=266 Timing of acquisition and putting assets into use affects entitlement to depreciation and exposure to penalty. Where assets are acquired and leased out before the cutoff, ownership plus leasing can satisfy the put-to-use requirement even if hirers alone operate them. Contemporaneous invoices, delivery confirmations, commissioning records and lease agreements showing transfer and handing over to hirers support a bona fide depreciation claim and rebut allegations of sham transactions or concealment. Articles Income Tax Thu, 15 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=266