Allowability of Depreciation on assets leased out

TATA Moters Ltd. Vs DCIT (ITAT Mumbsi)

In this case Impugned assets underlying lease agreements were very much in existence, purchase consideration of assets was discharged by assessee through banking channels, and lease transactions were completed as per legally prescribed procedures, assessee was a rightful owner of leased assets and lessees had confirmed the ownership of assets, and they had not claimed depreciation in their books of account for purchase and lease of assets. Also, lease rentals earned by assessee was offered to tax a

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