https://www.taxtmi.com/caselaws?id=186045 Depreciation on leased vehicles was examined under section 32 on the basis that legal ownership under the lease documents and business use through leasing may satisfy the statutory test; the issue was remitted for fresh verification. Interest on sticky loans and advances was held not to accrue as taxable income for a non-banking finance company where RBI prudential norms governed income recognition and the real income principle applied. Loss on sale of repossessed assets was treated as a deductible business loss arising in the financing cycle. Transfer pricing adjustment on intra-group services could not be fixed at nil merely on qualitative objections; the matter was remanded for proper tested-party selection, method selection and comparability analysis. en-us Mon, 02 May 2016 00:00:00 +0530 Tue, 06 Sep 2016 13:23:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186045 Depreciation on leased vehicles was examined under section 32 on the basis that legal ownership under the lease documents and business use through leasing may satisfy the statutory test; the issue was remitted for fresh verification. Interest on sticky loans and advances was held not to accrue as taxable income for a non-banking finance company where RBI prudential norms governed income recognition and the real income principle applied. Loss on sale of repossessed assets was treated as a deductible business loss arising in the financing cycle. Transfer pricing adjustment on intra-group services could not be fixed at nil merely on qualitative objections; the matter was remanded for proper tested-party selection, method selection and comparability analysis. Case-Laws Income Tax Mon, 02 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186045