https://www.taxtmi.com/caselaws?id=772349 Depreciation under section 32 on finance-lease assets depends on the contractual ownership position and business use; where the assessee is only a lessee and the lessor has the relevant ownership interest, the depreciation claim is not allowable, and double depreciation is not permitted. Reassessment under sections 147 and 148 is valid where tangible material shows a double claim of depreciation on the same assets, and a change-of-opinion challenge fails. Where the depreciation claim is rejected, an alternative claim for deduction of lease rentals as revenue expenditure may require separate examination on its own merits and can be remitted for fresh consideration. en-us Tue, 04 Mar 2025 00:00:00 +0530 Wed, 10 Jun 2026 13:15:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772349 Depreciation under section 32 on finance-lease assets depends on the contractual ownership position and business use; where the assessee is only a lessee and the lessor has the relevant ownership interest, the depreciation claim is not allowable, and double depreciation is not permitted. Reassessment under sections 147 and 148 is valid where tangible material shows a double claim of depreciation on the same assets, and a change-of-opinion challenge fails. Where the depreciation claim is rejected, an alternative claim for deduction of lease rentals as revenue expenditure may require separate examination on its own merits and can be remitted for fresh consideration. Case-Laws Income Tax Tue, 04 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772349