https://www.taxtmi.com/caselaws?id=204759 Depreciation under Section 32 was considered in the context of sale-and-lease-back transactions and expired lease terms. The analysis states that a leasing company may claim depreciation where ownership and business use of the assets are established, and a documented sale-and-lease-back structure is not to be treated as sham unless the revenue proves non-genuineness. It also states that assets remain eligible for depreciation even after the lease period expires if they continue to form part of the leasing business and are treated as used for business purposes. The materials described supported allowance of the depreciation claims. en-us Sun, 21 Feb 2010 00:00:00 +0530 Thu, 24 Oct 2013 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204759 Depreciation under Section 32 was considered in the context of sale-and-lease-back transactions and expired lease terms. The analysis states that a leasing company may claim depreciation where ownership and business use of the assets are established, and a documented sale-and-lease-back structure is not to be treated as sham unless the revenue proves non-genuineness. It also states that assets remain eligible for depreciation even after the lease period expires if they continue to form part of the leasing business and are treated as used for business purposes. The materials described supported allowance of the depreciation claims. Case-Laws Income Tax Sun, 21 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204759