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2015 (5) TMI 1068 - AT - Income TaxDepreciation on assets given under 'sale and lease back basis' - Held that:- As in assessee’s own case for earlier assessment years i.e. A.Ys.1995-96 to 1999-2000 wherein the Tribunal directed the Assessing Officer to allow claim of depreciation on the assets given under sale and lease back basis and the Assessing Officer was 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. In arriving at such conclusion the ITAT, in the following orders, followed the decision of Hon'ble Apex Court in the case of I.C.D.S. Ltd. [ 2013 (1) TMI 344 - SUPREME COURT ] Disallowable u/s. 14A - Held that:- As in the case of Godrej Boyce Manufacturing Co. (2010 (8) TMI 77 - BOMBAY HIGH COURT) wherein it was held that Rule 8D is prospective in operation and hence disallowance, if any, has to be made in accordance with section 14A of the Income Tax Act and the tax authorities ought to have verified the reasonableness of interest referable to exempt income. Thus we hereby set aside the order of learned CIT(A) and restore the matter back to the file of the Assessing Officer with a direction to the Assessing Officer to re-examine the matter in the light of the provisions of section 14A of the Act.
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