https://www.taxtmi.com/caselaws?id=282461 The Supreme Court allowed the appeal in part, upholding the assessee's claim for depreciation on leased assets. The Court clarified that asset usage for business purposes, not necessarily by the assessee itself, justified the depreciation claim. However, the Court upheld the tribunal's decision disallowing the lease equalization reserve claim, as per the amended law. The appeal was granted in part, with the assessee benefiting from the depreciation claim while the tribunal's ruling on the lease equalization reserve was affirmed. en-us Tue, 10 Jun 2014 00:00:00 +0530 Thu, 08 Aug 2019 21:17:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282461 The Supreme Court allowed the appeal in part, upholding the assessee's claim for depreciation on leased assets. The Court clarified that asset usage for business purposes, not necessarily by the assessee itself, justified the depreciation claim. However, the Court upheld the tribunal's decision disallowing the lease equalization reserve claim, as per the amended law. The appeal was granted in part, with the assessee benefiting from the depreciation claim while the tribunal's ruling on the lease equalization reserve was affirmed. Case-Laws Income Tax Tue, 10 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282461