Relief to ICICI Bank: ITAT directs to allow Depreciation claimed on Leased Assets continuing from Past Lease Transactions. [Read Order]

The Mumbai ITAT orders to permit depreciation claims on leased assets continuing from previous lease transactions while providing ICICI Bank with relief

By Aparna. M - On December 27, 2023 6:06 am - 2 mins read

leased assets- past lease transactions - Depreciation - Income Tax Appellate Tribunal - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, directed to allow depreciation claims on leased assets continuing from past lease transactions hence granting relief to ICICI Bank. The assessee, ICICI Bank Ltd, engaged in the business of banking and related activities. After filing the return, the case was selected for scrutiny. The AO observed that…

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