https://www.taxtmi.com/caselaws?id=308860 The Court upheld the CIT(A)'s decision to delete the addition made by the AO regarding the excess claim of depreciation. The CIT(A) determined that ownership of assets acquired under finance lease does not affect the allowance of depreciation under Section 32 of the Income Tax Act. The Court directed the AO to verify the finance lease agreement and allow relief accordingly. The appellant's request for fresh grounds of appeal was not addressed as the focus remained on the depreciation issue and ownership of assets under finance lease. en-us Fri, 12 May 2023 00:00:00 +0530 Fri, 28 Jul 2023 09:23:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308860 The Court upheld the CIT(A)'s decision to delete the addition made by the AO regarding the excess claim of depreciation. The CIT(A) determined that ownership of assets acquired under finance lease does not affect the allowance of depreciation under Section 32 of the Income Tax Act. The Court directed the AO to verify the finance lease agreement and allow relief accordingly. The appellant's request for fresh grounds of appeal was not addressed as the focus remained on the depreciation issue and ownership of assets under finance lease. Case-Laws Income Tax Fri, 12 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308860