https://www.taxtmi.com/caselaws?id=117222 Depreciation on plant and machinery owned by the assessee and leased out with a tea estate was allowable as a business deduction because the lease rent was accepted as business income and the letting itself constituted the assessee's business activity. Assets used in the business of leasing are eligible for depreciation, and the owner of leased assets is entitled to claim it where leasing is the business. Depreciation was therefore allowed. en-us Mon, 11 Nov 2002 00:00:00 +0530 Thu, 21 Jun 2012 11:19:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117222 Depreciation on plant and machinery owned by the assessee and leased out with a tea estate was allowable as a business deduction because the lease rent was accepted as business income and the letting itself constituted the assessee's business activity. Assets used in the business of leasing are eligible for depreciation, and the owner of leased assets is entitled to claim it where leasing is the business. Depreciation was therefore allowed. Case-Laws Income Tax Mon, 11 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117222