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2014 (7) TMI 692 - HC - Income TaxDepreciation on sale and lease back transaction – Not for sale sign affixed on assets - Financial Transaction OR sale and lease back agreement – Held that:- The sale was on payment of sales tax and the assessee has received the lease amount and disclosed the same as business income – the Tribunal has rightly held that the assessee is the owner of the machinery and the machinery was used for its leasing business in the AY, thus, they are eligible for depreciation – Relying upon Commissioner of Income-tax v. High Energy Batteries (India) Ltd. [2012 (5) TMI 287 - MADRAS HIGH COURT] - there is no material produced by the Revenue to show that the transaction of sale and lease back was not genuine or was bogus – thus, no substantial question of law arises for consideration – Decided against Revenue.
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