Depriciation on Leased assests

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suman (Querist)
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29 April 2010 my co. has some leased assests on which we are claiming depriciation under companies act.while no depriciation has been claimed under incometax. now i want to know wther the same is a allowable expenses under 32(1)of income tax or not.

CA Sanjay Jha

CA Sanjay Jha (Expert)
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29 April 2010 No.
Under IT act depreciation u/s 32 on leased assets are not allowed. because u have to allowed leased expenses.

suman

suman (Querist)
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29 April 2010 the lease is in the nature of Financial Lease as per AS-19. i would also like to know that is AS-19 is valid in income tax or not.

CA Simant Kumar Doshi

CA Simant Kumar Doshi (Expert)
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29 April 2010 under income tax act, depreciation is taken by leasor only.it won't affect that it is operating or financing lease. as the CBDT holds that the accounting standard will not be relevant for tax purposes. AS-19 is considered only for proper accounting of lease.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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30 April 2010 AGREE WITH DOSHIJI

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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30 April 2010 under income tax act depreciation is not allowed on leased assets.

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