Depreciation Allowable on owned Assets rented for manufacturing

Bio-Rad Laboratories (India) (P) Ltd. Vs. DCIT (ITAT Delhi) We find the AO in the instant case disallowed the depreciation of Rs.2,96,50,443/- on the ground that the assessee company is not using the assets for self use and the assets were hired out for a fixed period and the agreements provided that on payment on all instalments the title of the assets passes on to the hirer. We find the Ld. CIT(A) deleted the disallowance made by the AO, the reasons of which have already been reproduced in the preceding paragraph. A perusal of the order of the Ld. CIT(A) shows that while deleting the disallo...