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2008 (5) TMI 276 - HC - Income Tax
Claim of Depreciation u/s 32 on leased goods – reassessment - Assessing Officer had formed a particular opinion on a particular set of documents simply because the Assessing Officer at Mumbai had formed a different opinion on the same set of documents the action was sought to be initiated here for reassessment which - it was a “borrowed satisfaction” under the opinion of the Assessing Officer at Mumbai – Held that it borrowed satisfaction is sufficient to confer power on the Assessing Officer to initiate reassessment proceedings – Further, lease agreement shows that the lessee shall not claim any relief by way of any deduction, allowance, or grant available to the lessor as owner of the equipment under the Income-tax Act, 1961, or any other statute, rule of regulation issued by the Government or any statutory authority – the benefit of depreciation is allowed in the hands of lessor.