Supreme Court affirms lessee's right to claim depreciation over lessors.

The Supreme Court upheld the High Court's decision regarding ownership for depreciation entitlement. The Court dismissed the Special Leave Petition and any pending applications, finding no grounds to interfere with the High Court's judgment. The dispute centered on whether the lessors or the respondent, as the lessee, were entitled to claim depreciation. The Court's decision aligned with previous rulings and affirmed the respondent's entitlement to depreciation as the lessee.

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Issues involved:
Ownership for depreciation entitlement

Analysis:
The Supreme Court heard the arguments from both parties and examined the material on record. The Revenue contended that the respondent, as the owner, should be entitled to depreciation. The respondent's counsel highlighted that if the lessors are considered the owners entitled to depreciation, then the Revenue cannot subsequently claim that the lessee (respondent) is also the owner entitled to depreciation. The High Court had relied on previous decisions, including one related to Gujarat Narmada Valley Fertilizers Company Limited, which had been confirmed by the High Court and dismissed in a Special Leave Petition.

The Court found no reason to interfere with the High Court's judgment and order. Consequently, the Special Leave Petition was dismissed, and any pending applications were disposed of.

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