Mcorp Global Pvt. Ltd vs Commissioner Of Income Tax, Ghaziabad

The Supreme Court held that the assessee is entitled to claim depreciation under Section 32(1)(ii) of the Income-tax Act, 1961 for the total number of bottles leased, as the Tribunal's disallowance of depreciation was not permissible under Section 254(1) of the Act. The Court emphasized that the benefit granted by the Assessing Officer cannot be revoked by the Tribunal, referencing Hukumchand Mills Ltd. v. CIT (1967) 63 ITR 232. The Court overturned the High Court's judgment and allowed the appeal, affirming the assessee's right to full depreciation on the leased assets.