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2013 (8) TMI 628 - AT - Income TaxDisallowance of depreciation - Assets leased to Western Railways - CIT allowed depreciation - Held that:- it is not a case, as is appearing from different clauses of the lease deed that the equipments leased will be returned back to the lessor after the expiry of the lease. Nothing has been brought to disapprove the said clauses of the lease deed by any of the authorities below - It is not proved that assessee is only a financer and is not interested in the assets and therefore, it cannot be said as full payout lease - such claim did not arise for consideration for the first time, but, is spread over to the entire period between A.Y. 1996-97 to 1999-2000. Such claim was made by the Assessee and duly granted by the Assessing Officer - Following decision of DEPUTY COMMISSIONER OF INCOME TAX BHARUCH CIRCLE. VERSUS GUJARAT NARMADA VALLEY FERTILIZERS CO LTD [2013 (8) TMI 300 - GUJARAT HIGH COURT] - Decided in favour of assessee.
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