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2012 (10) TMI 476 - HC - Income TaxDepreciation on leased out boilers - disallowance as the transactions was only loan transactions subsequently given the colour as lease transactions - Held that:- Persuing grounds of appeal raised before this Court reveals that nowhere the assessee had questioned the findings of fact as regards the genuineness of the lease transactions. A reading of the various grounds raised thereon shows that it relate to claim of depreciation. Thus, when the finding of fact on the genuineness of the transaction had not been challenged in the manner known to law and the same having attained finality, there exists no ground to interfere with the order of the authorities below rejecting the claim for depreciation. No useful purpose would be served by permitting the assessee to file additional grounds on the genuineness of the lease transaction - against assessee.
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