https://www.taxtmi.com/caselaws?id=11125 The court dismissed the appeal, affirming the entitlement of a leasing company to claim depreciation for assets leased out in its business operations. The decision was based on the interpretation of section 32 of the Income-tax Act, 1961, and the application of a previous ruling allowing depreciation for leased assets even if not used in the relevant year. The court emphasized that a leasing company meeting certain criteria is eligible for depreciation deduction, distinguishing between sections 32 and 32A of the Act regarding asset ownership and use for business purposes. en-us Mon, 01 Sep 2003 00:00:00 +0530 Fri, 31 Jul 2009 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11125 The court dismissed the appeal, affirming the entitlement of a leasing company to claim depreciation for assets leased out in its business operations. The decision was based on the interpretation of section 32 of the Income-tax Act, 1961, and the application of a previous ruling allowing depreciation for leased assets even if not used in the relevant year. The court emphasized that a leasing company meeting certain criteria is eligible for depreciation deduction, distinguishing between sections 32 and 32A of the Act regarding asset ownership and use for business purposes. Case-Laws Income Tax Mon, 01 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11125