I.T. AS. NOS. 1100/KB AND 707/KB OF 1997-98, DECIDED ON 30TH JULY, 1998. versus I.T. AS. NOS. 1100/KB AND 707/KB OF 1997-98, DECIDED ON 30TH JULY, 1998.
Income Tax Ordinance 1979 Section 23 (1) (v) Depreciation allowance on the assets received on the lease is a method of calculating the actual depreciation included in the income earned under the head income business and occupation of a banking company and its It also includes the proceeds from the rental of the lease against the assets acquired through the lease. All deductions and allowances under Section 23, Income Tax Ordinance, 1979, are restricted to the depreciation allowance of the leasehold assets up to the net proceeds from the lease rent, except for the Depreciation Allowance, Validity First Appellate Authority. Instructed that the allowance for depreciation in respect of the leased assets should be allowed against Assisi's business income for this year, but the reduction would not be greater than the share of Essex's gross business income in which the lease The gross income from the rent of the first appellate tax through the Appellate Tribunal Searching Authority was confirmed.
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