Depreciation @ 60% allowable on Set Top Boxes acquired on Finance Lease

Fastway Transmission (P) Ltd. Vs ACIT (ITAT Chandigarh)

Conclusion: Set top boxes was the property of CISCO which was taken by assessee on lease from CISCO against payment of lease charges thus assessee was not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1) however, entitled to claim depreciation @60% on the said assets acquired on Finance Lease.

Held: Assessee was engaged in the business of Mult

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