https://www.taxtmi.com/caselaws?id=211593 The Income Tax Appellate Tribunal allowed the depreciation claim on a grounded aircraft leased to an airline for business purposes, despite being grounded for repairs. The Tribunal emphasized the lack of evidence of non-usage throughout the year and directed the matter to be sent back to the Assessing Officer for a specific finding on the aircraft's operational status. The court highlighted the importance of determining actual usage by the lessee and the impact of lease rentals on the eligibility for depreciation, remitting the case for further assessment. en-us Fri, 14 Jan 2011 00:00:00 +0530 Tue, 27 Mar 2012 07:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211593 The Income Tax Appellate Tribunal allowed the depreciation claim on a grounded aircraft leased to an airline for business purposes, despite being grounded for repairs. The Tribunal emphasized the lack of evidence of non-usage throughout the year and directed the matter to be sent back to the Assessing Officer for a specific finding on the aircraft's operational status. The court highlighted the importance of determining actual usage by the lessee and the impact of lease rentals on the eligibility for depreciation, remitting the case for further assessment. Case-Laws Income Tax Fri, 14 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211593