Depreciation

Benefit of s 32 is available only to owner of asset — Since assessee was not owner of machinery, he is not entitled to claim depreciation on machinery bought by it on hire purchase basis and leased by him to third party, held by DelHC in Sai Industries Ltd v ACIT — In favour of: The revenue.

Appeal — High Court, in exercise of powers under s 260A, does not have power to re-examine or re-appreciate facts as first appellate forum/Tribunal, which has jurisdiction to determine and decide questions of fact and law.

Decided on: 28 November 2011.