https://www.taxtmi.com/caselaws?id=118493 The Tribunal allowed the appeal of the assessee-company, overturning the disallowance of depreciation on leased assets. It held that the transactions were genuine business transactions, satisfying the conditions for claiming depreciation under Section 32 of the Income Tax Act. The Tribunal found that the assessee had established the purchase and lease of the assets, directing the Assessing Officer to allow the depreciation claims on the leased assets. en-us Fri, 10 Feb 2006 00:00:00 +0530 Mon, 02 Jul 2012 11:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118493 The Tribunal allowed the appeal of the assessee-company, overturning the disallowance of depreciation on leased assets. It held that the transactions were genuine business transactions, satisfying the conditions for claiming depreciation under Section 32 of the Income Tax Act. The Tribunal found that the assessee had established the purchase and lease of the assets, directing the Assessing Officer to allow the depreciation claims on the leased assets. Case-Laws Income Tax Fri, 10 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118493