Allowable or disallowable expense

In case of Finance leased asset, depreciation is charged to the p/l as per companies act. But under income tax act, the basic condition for charging depreciation stands violated,i.e. Assessee must be the owner of the asset. So while calculating the amount for the head "Profits and Gains from business or profession" , Depreciation( also the finance/interest charges as per companies act gets disallowed , and the lease payments gets allowed. Note: The leased asset is not entitled for depreciation in the income tax act act for the lessee as he is not the owner. So the question is who will claim depreciation on such asset ??? Ans is the lessor will claim depreciation as he is the owner of the asset. Regards Raj C Doshi