https://www.taxtmi.com/caselaws?id=386824 The ITAT set aside the CIT (A)'s decision and directed the AO to allow depreciation benefits to the appellant for assessment years 2002-03 and 2003-04. The judgment clarified the distinction between finance and operating leases, emphasizing ownership and asset usage for depreciation claims. The decision was based on a thorough analysis of the lease agreement, legal precedents, and tax regulations, ensuring fair treatment for the appellant regarding depreciation on leased assets. en-us Tue, 01 Oct 2019 00:00:00 +0530 Wed, 09 Oct 2019 07:59:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386824 The ITAT set aside the CIT (A)'s decision and directed the AO to allow depreciation benefits to the appellant for assessment years 2002-03 and 2003-04. The judgment clarified the distinction between finance and operating leases, emphasizing ownership and asset usage for depreciation claims. The decision was based on a thorough analysis of the lease agreement, legal precedents, and tax regulations, ensuring fair treatment for the appellant regarding depreciation on leased assets. Case-Laws Income Tax Tue, 01 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386824