https://www.taxtmi.com/caselaws?id=242056 The Tribunal allowed the assessee's claim for depreciation on the leased buses, overturning the lower authorities' decisions. The lease was deemed a financial lease, with the assessee considered the real owner for tax purposes despite DMRC retaining title as security. Consequently, the assessee was entitled to claim depreciation on the buses. The alternative argument for treating lease payments as revenue expenditure became unnecessary following the favorable ruling on depreciation. en-us Mon, 27 May 2013 00:00:00 +0530 Tue, 07 Jan 2014 08:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242056 The Tribunal allowed the assessee's claim for depreciation on the leased buses, overturning the lower authorities' decisions. The lease was deemed a financial lease, with the assessee considered the real owner for tax purposes despite DMRC retaining title as security. Consequently, the assessee was entitled to claim depreciation on the buses. The alternative argument for treating lease payments as revenue expenditure became unnecessary following the favorable ruling on depreciation. Case-Laws Income Tax Mon, 27 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242056