SC Dismisses Revenue SLP Due to Delay, Upholds Depreciation on Leased Assets

CIT Vs Tata Motors Ltd. (Supreme Court of India) The matter arose from a batch of appeals filed by the Income Tax Department challenging a common order of the Income Tax Appellate Tribunal (ITAT) relating to assessment years 1994–95 to 1997–98. The key issues concerned (i) allowability of depreciation under Section 32 of the Income-tax Act, 1961 on leased assets, and (ii) levy of interest under Section 220(2) beyond the original assessment order. At the assessment stage, the Assessing Officer disallowed depreciation on leased assets, holding that the transactions were merely financial arra...