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2014 (6) TMI 70 - ITAT MUMBAIDisallowance of depreciation @100% on leased out assets – Genuineness of transaction of sale and lease back of COPS - Held that:- Once the assessee has established with supporting evidence that the transaction in question has been actually carried out then in the absence of any contrary material or facts brought on record, the action of the authorities below in holding the transaction as bogus is not sustainable – Following ICDS Vs CIT [2013 (1) TMI 344 - SUPREME COURT] - as long as the asset is utilized for the purpose of business of the assessee, the requirement of Section 32 will stand satisfied, notwithstanding non-usage of the asset itself by the assesse - even otherwise the claim of 100% depreciation was otherwise allowed by the revenue on the COPS in the case of SSL other than the COPS - the Revenue itself has allowed 100% claim on the COPS - there is no dispute regarding the actual payment of consideration, valuation made by the Government Approved Chartered Engineer, ownership of asset and sale at the end of lease period - the investigation carried out by the ADI(Inv.)-II, Indore, wherein the transaction in question was confirmed – thus, the assessee is eligible for 100% depreciation on the COPS – Decided in favour of Assessee.
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