https://www.taxtmi.com/caselaws?id=790066 Depreciation on leased assets was treated as allowable where the assessee retained ownership and the assets were used in business, with the Supreme Court's ruling in I.C.D.S. Ltd. applied to the leasing business context. On that basis, the Tribunal's allowance of depreciation for the relevant assessment years and the deletion of interest under Section 220(2), limited to the original assessment order under Section 143(3), were upheld in the underlying High Court order. The Special Leave Petition was filed with a 501-day delay, and the delay was not satisfactorily explained, so condonation was refused and the petition was dismissed with costs. en-us Fri, 10 Apr 2026 00:00:00 +0530 Sat, 18 Apr 2026 08:22:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790066 Depreciation on leased assets was treated as allowable where the assessee retained ownership and the assets were used in business, with the Supreme Court's ruling in I.C.D.S. Ltd. applied to the leasing business context. On that basis, the Tribunal's allowance of depreciation for the relevant assessment years and the deletion of interest under Section 220(2), limited to the original assessment order under Section 143(3), were upheld in the underlying High Court order. The Special Leave Petition was filed with a 501-day delay, and the delay was not satisfactorily explained, so condonation was refused and the petition was dismissed with costs. Case-Laws Income Tax Fri, 10 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790066