https://www.taxtmi.com/caselaws?id=219439 The High Court ruled in favor of the revenue, holding that the assessee was not entitled to claim depreciation on leased LPG cylinders and Air Jet Spindle Assembly and Positar Disc. The Court found discrepancies in ownership evidence, concluding that the assessee merely financed the purchases and did not own the assets, thereby disqualifying it from claiming depreciation. The revenue's appeal was allowed with costs of Rs. 25,000. en-us Wed, 05 Dec 2012 00:00:00 +0530 Fri, 14 Dec 2012 08:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219439 The High Court ruled in favor of the revenue, holding that the assessee was not entitled to claim depreciation on leased LPG cylinders and Air Jet Spindle Assembly and Positar Disc. The Court found discrepancies in ownership evidence, concluding that the assessee merely financed the purchases and did not own the assets, thereby disqualifying it from claiming depreciation. The revenue's appeal was allowed with costs of Rs. 25,000. Case-Laws Income Tax Wed, 05 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219439