Income

Collection of contingency deposit against payment of sales tax forms part of assessee’s income, held by ChenHC in CIT v Sundaram Finance Limited — In favour of: The revenue (partly).

Depreciation — As and when the assets are installed at the place of the lessee, it could be presumed that they had been used but the lessee is entitled to claim depreciation even when the assets had not yet been put to use.

Decided on: 8 December 2011.