Depreciation allowed on new server, storage and accessories procured during the year on lease

DCIT Vs BSE Ltd. (ITAT Mumbai) Facts- Briefly the facts are, in course of assessment proceedings, the AO noticed that the assessee had claimed depreciation of Rs.1,14,26,646/- on a server taken on financial lease. Noticing that similar claim made by the assessee in Assessment Year 2012-13 was disallowed, the AO called upon the assessee to explain why similar disallowance should not be made. Though, the assessee objected to the proposed disallowance; however, the AO, relying upon the decision of Hon’ble Supreme Court in the case of ICDS Ltd, held that the assessee not being the owner of the a...