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2011 (7) TMI 32 - DELHI HIGH COURT
Depreciation - Sale and lease back of equipment - Whether the Tribunal was justified in law in allowing depreciation on the assets for which the Assessing Officer had treated the transaction as that of finance and not of leasing - In the case of Industrial Development Corporation of Orissa Limited v. Commissioner of Income-tax and Others: (2004 (3) TMI 43 - ORISSA High Court ) - Held that: the revenue could, however, discard the said transaction only if there were materials or evidence before it to show that the intentions of the parties were different from what had been incorporated in the sale and lease back agreements and that the transaction was really a sham and dubious transaction and was a colourable device - It has not at all been established on the basis of evidence on record that the transaction was a colourable device entered into by and between the HSEB and the assessee - Decided against the revenue