https://www.taxtmi.com/caselaws?id=179177 Depreciation was held allowable on a jute press let out on rent because the asset remained the assessee's property and was commercially exploited as part of the business from which income was assessed. The allowance under Section 10(2)(vi) of the Income-tax Act, 1922 was not restricted to cases where the owner personally worked the plant or machinery. The decisive factors were ownership of the asset and its use in the profit-making business, while the assessee's original intention to operate the press personally was irrelevant. A letting arrangement for industrial plant was treated as business use, and the lessees' repair obligations did not affect the lessor's depreciation claim. en-us Thu, 24 Jan 1935 00:00:00 +0530 Sat, 08 Aug 2020 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179177 Depreciation was held allowable on a jute press let out on rent because the asset remained the assessee's property and was commercially exploited as part of the business from which income was assessed. The allowance under Section 10(2)(vi) of the Income-tax Act, 1922 was not restricted to cases where the owner personally worked the plant or machinery. The decisive factors were ownership of the asset and its use in the profit-making business, while the assessee's original intention to operate the press personally was irrelevant. A letting arrangement for industrial plant was treated as business use, and the lessees' repair obligations did not affect the lessor's depreciation claim. Case-Laws Income Tax Thu, 24 Jan 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179177