https://www.taxtmi.com/caselaws?id=401507 The High Court ruled in favor of the appellant, allowing them to claim depreciation on leased assets under Section 32 of the Income Tax Act for the Assessment Year 2004-05. The court held that the appellant, as the lessee, was entitled to claim depreciation despite the lease being classified as a finance lease. The court emphasized consistency in the revenue's position and previous decisions, ultimately quashing the tribunal's decision and granting the appellant the right to claim depreciation on the leased assets. en-us Mon, 30 Nov 2020 00:00:00 +0530 Sat, 30 Jan 2021 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401507 The High Court ruled in favor of the appellant, allowing them to claim depreciation on leased assets under Section 32 of the Income Tax Act for the Assessment Year 2004-05. The court held that the appellant, as the lessee, was entitled to claim depreciation despite the lease being classified as a finance lease. The court emphasized consistency in the revenue's position and previous decisions, ultimately quashing the tribunal's decision and granting the appellant the right to claim depreciation on the leased assets. Case-Laws Income Tax Mon, 30 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401507