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2013 (7) TMI 197 - HC - Income TaxDepreciation on rented machine - substantial transfer of ownership - Held that:- Assessee had no right to transfer or alienate the machinery in any form, was obliged to re-deliver the equipment upon termination of lease agreement, was not to part with possession and not to make alteration in the equipment with the stipulation that additions would belong to the lessor; and the lessor was entitled to claim depreciation during the lease period. Looking to the explicit terms and stipulations, the findings of the AO about so-called “substantial” transfer of ownership though “apparent” non-transfer of title, in our view, could not have been countenanced and have rightly been reversed by the Appellate Authority - No interference in the findings on the mixed question of law and facts as rendered by the Appellate Authority and the Tribunal is called for - Following decision of CIT Vs. Shaan Finance (P.) Ltd. [1998 (3) TMI 8 - SUPREME Court] - Decided in favour of Assessee.
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