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Depreciation of assets transferred on rent

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(Querist)
20 November 2014 Our sister concern has tranferred the operation a maize production plant to our firm worth 3 crore for a monthly lease rent of 10000/- per month . The ownership of asset will remain with them. We have to operate the unit. No book entry regarding transfer is made in the books o f both parties . In this case who is eligible for claiming depreciation of the transferred assets?
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Ashwani Narnoli

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Ashwani Narnoli (Expert)
20 November 2014 Depreciation would be claimed by the firm which is currently using the plant for production..
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