https://www.taxtmi.com/highlights?id=80607 Assessee entitled to claim depreciation on leased assets despite revenue's contention that transactions were mere financial transactions lacking ownership and usage for business purpose. Supreme Court's decision in I.C.D.S. case applicable, rejecting revenue's argument based on lease agreement clauses. Mere academic ownership shown to claim depreciation cannot disentitle depreciation u/s 32. Regarding interest u/s 220(2), ITAT rightly held it chargeable only up to original assessment order u/s 143(3) or 144, not up to order u/s 143(3) read with Section 254. Depreciation on leased assets allowed, consequently no further interest payable after assessment order. en-us Thu, 22 Aug 2024 09:08:52 +0530 Thu, 22 Aug 2024 09:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80607 Assessee entitled to claim depreciation on leased assets despite revenue's contention that transactions were mere financial transactions lacking ownership and usage for business purpose. Supreme Court's decision in I.C.D.S. case applicable, rejecting revenue's argument based on lease agreement clauses. Mere academic ownership shown to claim depreciation cannot disentitle depreciation u/s 32. Regarding interest u/s 220(2), ITAT rightly held it chargeable only up to original assessment order u/s 143(3) or 144, not up to order u/s 143(3) read with Section 254. Depreciation on leased assets allowed, consequently no further interest payable after assessment order. Highlights Income Tax Thu, 22 Aug 2024 09:08:52 +0530 https://www.taxtmi.com/highlights?id=80607