Finance lease agreements—Effect of publication of accounting standards on allowability of depreciation —Regarding

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....f Income-tax, All Directors-General of Income-tax. Sir, Under the Income-tax Act, in all leasing transactions, the owner of the asset is entitled to the depreciation if the same is used in the business, under section 32 of the Income-tax Act. The ownership of the asset is determined by the terms of contract between the lessor and the lessee. 2. The Central Board of Direct Taxes vide In....