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Depreciation allowable on finance leased assets related to Business
Case Law Details
- Case Name
- DCIT Vs IFCI (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs IFCI (ITAT Delhi)
Issue- On the facts and circumstances of the case, the Ld. CIT (A) has erred in deleting the disallowance made on depreciation of finance leased assets amounting to Rs. 1,31,63,444/- holding that it is one of the business of assessee.
Held- Depreciation of finance least assets is related to the business of the assessee and this factual aspect was not at all changed from the earlier year and subsequent years. Therefore, depreciation of finance leased assets amounting to Rs. 1,31,63,444/- is allowable as Business Expense.
FULL TEXT OF THE ORDER OF ITAT�...
