https://www.taxtmi.com/caselaws?id=258138 The Supreme Court allowed the appeal, overturning the High Court's decision and affirming the appellant's entitlement to claim depreciation on 1250 gas cylinders for the assessment year 1986-87. The court held that the cylinders were purchased for a business purpose, and the income from leasing them was considered business income, making them eligible for depreciation under Section 32 of the Income Tax Act. The appellant proved ownership and business use of the cylinders, leading the Supreme Court to find the reasons given by the lower courts for denying depreciation legally invalid. en-us Wed, 25 Mar 2015 00:00:00 +0530 Sat, 18 Aug 2018 14:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258138 The Supreme Court allowed the appeal, overturning the High Court's decision and affirming the appellant's entitlement to claim depreciation on 1250 gas cylinders for the assessment year 1986-87. The court held that the cylinders were purchased for a business purpose, and the income from leasing them was considered business income, making them eligible for depreciation under Section 32 of the Income Tax Act. The appellant proved ownership and business use of the cylinders, leading the Supreme Court to find the reasons given by the lower courts for denying depreciation legally invalid. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258138