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2014 (2) TMI 951 - HC - Income TaxDepreciation - Legality of lease agreements – Genuineness of the transaction - Entitlement for depreciation – Assets put to use or not - Whether the lease agreements entered by the assessee with the six concerns are sham transactions and whether they are entitled for a claim for depreciation and whether the assets purchased by the assessee before 31.03.2001 were put to use – Held that:- The transaction is a fraudulent transaction by noticing the conduct of the asessee in the manner in which the lease transactions were finalised, much prior to the sanction of the loan by IREDA. Further, the certification of the lanterns were in the godown of PHOTON and not in the place where it was installed or in the premises of the so called lessees to whom it was stated to have been despatched. – assessee is not entitled to the claim for depreciation. - decided against Assessee. Claim of advance in the income - Whether the amount received by the assessee from DLWL claimed by the assessee as advance, is income of the assessee for the relevant assessment year – Held that:- The advances shown by the assesssee are nothing but payment received on account of the completion of work executed by the assessee and the Assessing Officer made the addition - The Tribunal after carefully analysing the entire facts and referring to the MOU and the FIR rightly held that payments received by the assessee and shown as outstanding in the accounts are to be treated as income and assessed to tax – Decided against Assessee.
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