https://www.taxtmi.com/caselaws?id=757322 Bombay HC upheld ITAT's decision allowing depreciation on leased assets, rejecting revenue's contention that lease agreements were disguised loan transactions. Court applied SC precedent in I.C.D.S., holding that assessee met ownership and business use requirements under Section 32 despite revenue's argument about economic ownership vesting with lessee. HC also upheld ITAT's deletion of interest under Section 220(2), ruling it was chargeable only up to original assessment order under Section 143(3) or 144, not subsequent orders. Both questions of law decided in favor of assessee. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 17 Apr 2026 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757322 Bombay HC upheld ITAT's decision allowing depreciation on leased assets, rejecting revenue's contention that lease agreements were disguised loan transactions. Court applied SC precedent in I.C.D.S., holding that assessee met ownership and business use requirements under Section 32 despite revenue's argument about economic ownership vesting with lessee. HC also upheld ITAT's deletion of interest under Section 220(2), ruling it was chargeable only up to original assessment order under Section 143(3) or 144, not subsequent orders. Both questions of law decided in favor of assessee. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757322