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2011 (11) TMI 440 - HC - Income TaxDepreciation in respect of leased asset - Tribunal held that claim now made is for the year 1997-1998, which is beyond the block period, depreciation is claimed in the regular assessment and since the depreciation had been allowed in the earlier assessment year disallowance of the depreciation was erroneous - Held That:- Assessee would be entitled to claim depreciation in respect of leased assets. The question as to whether the leased assets were acquired and depreciation is claimed in respect of the block period or subsequent thereto, is kept open to be urged before the first appellate authority. If the first appellate authority comes to the conclusion on the basis of the material on record that would be produced by the assessee that the said acquisition is subsequent to the block assessment, the depreciation can be granted in regular assessment - Decided partly in favor of assessee.
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