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Section 42 Section 245C2

M/S ING VYSYA BANK LIMITED vs. THE COMMISSIONER OF INCOME TAX

In the result appeal fails and it is hereby

WA/2458/2010HC Karnataka06 Jul 2012

Bench: ARAVIND KUMAR,AJIT J GUNJAL

Section 245CSection 245D(1)Section 4

1) Finance Lease – where the lease financier treats the lease as a financing transaction and interest component alone is accounted for as income, enabling the lessee to claim depreciation on the leased assets; (2) operating lease –where the lesser treats the transaction as lease per se – accounts for the entire lease rentals as income and the lesser claims depreciation