RE LEASING & VALUATION

[imransubhan]

I need your help that I leased an assets (operating lease) after complition of leasing booked such assets by its deposit amount, i revaluate such assets which is higher than its leasing purchase deposit. Can i release such assets by its revaluated value? is there any section according to income tax laws?

please help me

thanks

[A.A]

According to Income Tax laws,leased assets are not considered your property therefore,no depreciation expenses are allowed.Instead all the lease payments that you make are an allowable business expense.