ITAT Allows Rs. 6.47 Crore Lease Rent Expense as Deduction Citing Lessee’s Right to Claim Depreciation [Read Order]
The Tribunal upheld the deduction of lease rent payments claimed under Section 37(1), citing earlier decisions recognizing the lessee's right to claim depreciation or lease payments on leased assets.
By Franklin Joshva - On April 12, 2025 9:50 pm - 2 mins read
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)], which allowed depreciation as an alternative claim on finance lease rental payments citing Lessee’s right to claim depreciation. The Tribunal, relying on its coordinate bench’s prior ruling and the Karnataka High Court decision in…
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