https://www.taxtmi.com/caselaws?id=772367 ITAT Mumbai held that lessee cannot claim depreciation on leasehold assets despite CIT(A) allowing the claim. The tribunal applied ownership test from CBDT Circular and SC precedent in ICDS Ltd., ruling that depreciation eligibility depends on asset ownership determined by lease agreement terms, not accounting entries. Since lessor had already claimed and received depreciation from department, and lessee lacked ownership rights, AO's disallowance was correct. Revenue's appeal allowed, CIT(A) decision reversed. en-us Mon, 26 May 2025 00:00:00 +0530 Thu, 05 Jun 2025 18:55:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772367 ITAT Mumbai held that lessee cannot claim depreciation on leasehold assets despite CIT(A) allowing the claim. The tribunal applied ownership test from CBDT Circular and SC precedent in ICDS Ltd., ruling that depreciation eligibility depends on asset ownership determined by lease agreement terms, not accounting entries. Since lessor had already claimed and received depreciation from department, and lessee lacked ownership rights, AO's disallowance was correct. Revenue's appeal allowed, CIT(A) decision reversed. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772367