https://www.taxtmi.com/caselaws?id=399555 The tribunal allowed the appeals for assessment years 1999-2000 and 2000-2001, directing the assessing officer to delete the disallowance of depreciation on leased assets. It concluded that the assessee fulfilled ownership and usage conditions, entitling it to claim depreciation. The tribunal found errors in the lower authorities' classification of the transaction and emphasized that leasing income treated as business income allows for depreciation. The orders of the lower authorities were reversed in favor of the assessee. en-us Mon, 31 Aug 2020 00:00:00 +0530 Wed, 14 Oct 2020 10:41:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399555 The tribunal allowed the appeals for assessment years 1999-2000 and 2000-2001, directing the assessing officer to delete the disallowance of depreciation on leased assets. It concluded that the assessee fulfilled ownership and usage conditions, entitling it to claim depreciation. The tribunal found errors in the lower authorities' classification of the transaction and emphasized that leasing income treated as business income allows for depreciation. The orders of the lower authorities were reversed in favor of the assessee. Case-Laws Income Tax Mon, 31 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399555