Finance lease allows depreciation claim under Section 32

The Bombay High Court held that the lease was a finance lease, allowing the appellant to claim depreciation under Section 32 of the Act. It was determined that in a finance lease, the lessee is entitled to claim depreciation.

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The Bombay High Court heard the case involving substantial questions of law related to a lease agreement dated 04.09.1997. The questions included whether the lease was a finance lease, if the appellant was entitled to depreciation under Section 32 of the Act, and whether the lessee or lessor was entitled to depreciation in a finance lease.

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