https://www.taxtmi.com/caselaws?id=790066 Depreciation on leased assets was treated as allowable where the assessee retained ownership and the lessee used the assets for business, with the Supreme Court decision in I.C.D.S. Ltd. applied to the leasing business; the Tribunal's allowance of depreciation for the relevant years was upheld. Interest under Section 220(2) was held chargeable only up to the original assessment order passed under Section 143(3), and the consequential deletion of such interest was sustained. The Special Leave Petition was filed with a 501-day delay, and the application for condonation was rejected for want of a satisfactory explanation, leading to dismissal of the petition with costs. en-us Fri, 10 Apr 2026 00:00:00 +0530 Sat, 18 Apr 2026 08:22:07 +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 lessee used the assets for business, with the Supreme Court decision in I.C.D.S. Ltd. applied to the leasing business; the Tribunal's allowance of depreciation for the relevant years was upheld. Interest under Section 220(2) was held chargeable only up to the original assessment order passed under Section 143(3), and the consequential deletion of such interest was sustained. The Special Leave Petition was filed with a 501-day delay, and the application for condonation was rejected for want of a satisfactory explanation, leading to dismissal of the petition with costs. Case-Laws Income Tax Fri, 10 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790066