https://www.taxtmi.com/caselaws?id=270610 The Tribunal upheld the decision to limit the depreciation claim on boilers and windmill leased out by the assessee to 50%. The Tribunal found that the assets must be fully assembled and constituted before delivery to the lessee to qualify for depreciation. As the full-fledged assets were delivered only after the assembling and installation were completed in January and March 1997 for the boiler and windmill, respectively, the depreciation claim was rightfully limited. The appeal by the assessee was dismissed, affirming the lower authority's order. en-us Fri, 13 Nov 2015 00:00:00 +0530 Mon, 11 Jan 2016 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270610 The Tribunal upheld the decision to limit the depreciation claim on boilers and windmill leased out by the assessee to 50%. The Tribunal found that the assets must be fully assembled and constituted before delivery to the lessee to qualify for depreciation. As the full-fledged assets were delivered only after the assembling and installation were completed in January and March 1997 for the boiler and windmill, respectively, the depreciation claim was rightfully limited. The appeal by the assessee was dismissed, affirming the lower authority's order. Case-Laws Income Tax Fri, 13 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270610