Itc on assets

No, as per section 16 of cgst act, assessee can claim any of one thing, either ITC or depreciation.
one cannot claim both benefits at the same time.

no, claim either itc or depreciation

You cannot claim both ITC under GST and Depreciation u/s 32 of the Income Tax Act 1961 on the Tax Component.

As per the Provision of Section 16(3) of the CGST Act 2017 :

"Where the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income-tax Act, 1961, the input tax credit on the said tax component shall not be allowed."

After claiming ITC on the GST component of the capital goods, capitalize it on the Books of Accounts ( Balance Sheet ) by reducing the amount of GST. Now you can claim Depreciation u/s 32 of the Income Tax Act 1961 on this amount every year by following WDV method.