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2014 (4) TMI 1149 - AT - Income TaxDepreciation on assets purchased from certain parties and given back on lease - Held that:- We direct the A.O. to allow the claim of the assessee for depreciation on the assets given under sale and lease back basis. The A.O. is also directed to withdraw any corresponding benefit given to the assessee by excluding the value of capital component of the lease rent from the income of the assessee. See M/s ICDS. LTD. Versus COMMISSIONER OF INCOME TAX. MYSORE & ANR. [2013 (1) TMI 344 - SUPREME COURT ]
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