Tribunal allows depreciation on leased assets, grants assessee's petitions. Order pronounced on 13th July 2016.

The Tribunal modified its direction to align with a previous decision, allowing depreciation on assets leased to specific companies. The assessee's miscellaneous petitions were allowed, and the modified order was pronounced on 13th July 2016.

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Issues:
Modification of directions by the Tribunal regarding depreciation claim for assets leased to specific companies.

Analysis:
The Appellate Tribunal received miscellaneous applications from the assessee-bank seeking modification of the directions issued in paras. 34 to 37 of a previous order. The Tribunal had initially directed the issue of depreciation claim to be restored to the file of the Assessing Officer. The assessee contended that the Tribunal did not consider a previous order where depreciation was allowed for assets leased to specific companies. After hearing both parties and examining the records, the Tribunal acknowledged that the previous order had directed the Assessing Officer to allow depreciation for assets leased to those companies. Consequently, the Tribunal modified its direction to align with the earlier decision, allowing depreciation on assets leased to the mentioned companies. As a result, the miscellaneous petitions filed by the assessee were allowed, and the modified order was pronounced in open court on 13th July 2016.

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