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2016 (2) TMI 523 - HC - Income TaxDepreciation on assets of the Haryana State Electricity Board - whether Tribunal was correct in holding that the respondent company would be entitled to depreciation on assets of the Haryana State Electricity Board, with whom the respondent company had a sale and lease back transaction that was both in form and content a financial lease? - Held that:- The Apex Court in ICDS (2013 (1) TMI 344 - SUPREME COURT ) has held that for claim of depreciation to be allowed, the condition precedent are ownership of the assets and user for purposes of business i.e. not usage of the assets by the Assessee itself but for purposes of its business of leasing. Both in ICDS (Supra) and this case, the respondent is in the business of leasing. Thus, claim of depreciation is allowable - Decided in favour of assessee
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