MCORP GLOBAL PVT. LTD. vs COMMISSIONER OF INCOME TAX, GHAZIABAD

The Supreme Court held that the assessee is not entitled to claim depreciation under Section 32(1)(ii) of the Income-tax Act, 1961 for the transactions in question, as the Tribunal found that the lease was merely a financial arrangement and not a true lease. The Court emphasized that the Tribunal cannot enhance the assessment beyond what was granted by the Assessing Officer, referencing Hukumchand Mills Ltd. v. CIT (1967) 63 ITR 232. Consequently, the appeal was dismissed, affirming the High Court's decision.