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Assessee entitled to claim depreciation on leased assets despite revenue's contention that transactions were mere financial transactions lacking ownership and usage for business purpose. Supreme Court's decision in I.C.D.S. case applicable, rejecting revenue's argument based on lease agreement clauses. Mere academic ownership shown to claim depreciation cannot disentitle depreciation u/s 32. Regarding interest u/s 220(2), ITAT rightly held it chargeable only up to original assessment order u/s 143(3) or 144, not up to order u/s 143(3) read with Section 254. Depreciation on leased assets allowed, consequently no further interest payable after assessment order.
Assessee entitled to claim depreciation on leased assets despite revenue's contention that transactions were mere financial transactions lacking ownership and usage for business purpose. Supreme Court's decision in I.C.D.S. case applicable, rejecting revenue's argument based on lease agreement clauses. Mere academic ownership shown to claim depreciation cannot disentitle depreciation u/s 32. Regarding interest u/s 220(2), ITAT rightly held it chargeable only up to original assessment order u/s 143(3) or 144, not up to order u/s 143(3) read with Section 254. Depreciation on leased assets allowed, consequently no further interest payable after assessment order.
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