https://www.taxtmi.com/caselaws?id=59675 A finance lease is characterised by rentals structured to recover asset cost with return, with the lessee bearing risks and obligations for use, taxes, insurance and damage; on that basis, ownership for depreciation purposes does not remain with the lessor and depreciation is not available to the lessor. The text also notes that loss on sale of the non-convertible portion of partly convertible debentures is a separate business loss when the debentures were allotted and transferred as contemplated and the loss is not shown to form part of the cost of acquiring the equity shares linked to the convertible portion. en-us Thu, 15 Feb 2007 00:00:00 +0530 Mon, 26 Feb 2024 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59675 A finance lease is characterised by rentals structured to recover asset cost with return, with the lessee bearing risks and obligations for use, taxes, insurance and damage; on that basis, ownership for depreciation purposes does not remain with the lessor and depreciation is not available to the lessor. The text also notes that loss on sale of the non-convertible portion of partly convertible debentures is a separate business loss when the debentures were allotted and transferred as contemplated and the loss is not shown to form part of the cost of acquiring the equity shares linked to the convertible portion. Case-Laws Income Tax Thu, 15 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59675