Lease Rental cannot be allowed on container shown in books as assets, depreciation allowed

Tristar Container Services (Asia) Pvt. Ltd. Vs ACIT (ITAT Chennai) Ld. counsel for the assessee, submitted that the assessee has taken containers on lease. In the books of account, the containers were taken as assets. The assessee also claimed depreciation on the containers in the income-tax computation. According to the Ld. counsel, the assessee added back the book depreciation and claimed containers lease rental as revenue expenditure. However, the Assessing Officer disallowed the claim of the assessee. The Assessing Officer allowed the depreciation. According to the Ld. counsel, the entire ...