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2012 (9) TMI 945 - HC - Income TaxDepreciation on sale and lease back contracts and lease contracts disallowed - Held that:- In the absence of proof of suppliers and there being no attempt on the part of the assessee to establish the said fact that there was in fact a sale in its favour, rightly, the authorities rejected the case of the assessee. Mere production of lease agreement and copies of invoices indicating alleged sale in favour of the assessee would not be a sufficient ground to grant the relief. A perusal of the documents relied on by the assessee clearly show that the assessee could not in any manner substantiate its case that there had been purchase of machineries for the purpose of effecting lease in favour of the lessees. As rightly pointed out by the authorities below, the transactions were purely financial transactions and they were given the name of the lease transactions through the lease agreements. There being no error in the reasoning given by the Tribunal, we have no hesitation in rejecting the case of the assessee, thereby confirming the order of the Tribunal.
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