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Finance Lease – Lessor Is Not Owner & only owner can claim Depreciation
Case Law Details
- Case Name
- M/s. IndusInd Bank Limited Vs The Addl. Commissioner of Income Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1998- 99
- Courts
- All ITAT, ITAT Mumbai
IndusInd Bank Ltd vs. ACIT (ITAT Mumbai Special Bench)
Learned AR also argued that the Board Circular talks of adopting an integrated approach in the case of leasing and in any case depreciation has to be allowed either to the lessor or to the lessee. It was argued that since the lessee had not claimed any depreciation, the lessor should be granted depreciation on the leased asset. We are in full agreement with the mandate of the Circular stipulating the grant of depreciation either to the lessor or to the lessee depending upon the nature of lease. However it is important to mention that the c...
