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2020 (8) TMI 364 - AT - Income TaxRectification of mistake u/s 254 - disallowance of depreciation on finance lease - Tribunal held that it was not the lease agreement but a hire purchase agreement camouflaged as lease agreement and in the absence of lease agreement - HELD THAT:- We have no option but to hold that there is no infirmity in the Assessment Order on this issue. Hence, it is seen that the basis of the decision of the Tribunal is this that the assessee has not made available the copy of the lease agreement before the Tribunal and because of this reason, the Tribunal has held in the impugned Tribunal order that there is no infirmity in the Assessment Order on this issue i.e. the issue regarding disallowance of depreciation on finance lease. In the MPs filed by the assessee, this is not the contention raised by the assessee that there is any mistake in this finding of the Tribunal that no lease agreement was made available before the Tribunal. Since, this is the basis of the Tribunal’s decision that in the absence of lease agreement, the Tribunal has no option but to hold that there is no infirmity in the Assessment Order on the issue of disallowance of depreciation, we are of the considered opinion that various contentions raised by the assessee in these MPs and in the written submissions filed by learned AR of the assessee in both written submissions has no relevance for the purpose of deciding these MPs. Hence, we hold that there is no merit in these MPs.
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