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2014 (4) TMI 1049 - AT - Income TaxDisallowance of depreciation claimed on leased plant& machinery - Held that:- When the income was received from leasing out of plant and machinery; on the said rental income the assessee shall be eligible inter-alia to claim deductions u/s 32(1) of the Act. In the light of the express provisions of the Act, the assessee is entitled to claim depreciation on plant and machinery. Since, there is no dispute on the fact that the assessee owns the asset and had rented out the said assets, i.e., plant and machinery and the rental income has been duly brought to tax by the assessee, the assesse is entitled to depreciation. In the light of express provision of law, disallowance made of ₹ 89,52,989/- representing depreciation on plant and machinery has been rightly deleted by the ld CIT(A) and the impugned order is valid in the eyes of law and we confirm the same - Decided against Revenue.
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