Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2021 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (2) TMI 286 - HC - Income TaxDepreciation on the flameless furnace and steel rolls - AO denied the depreciation as it is a financial transaction - whether the assessee-Company ascertained that the supplier himself is the manufacturer or who is the actual manufacturer of the machinery and whether the assessee received quotation for approval of purchase of the machinery? - AO denied the depreciation as it is a financial transaction - depreciation claim in respect of the rolls given on lease to Bellary Steels and Alloys Limited (BSAL) - HELD THAT:- Following the ratio laid down by the Hon'ble Supreme Court in Vasisth Chay Vyapar Ltd. [2018 (3) TMI 56 - SUPREME COURT] and the ratio laid down in M/S. INDBANK MERCHANT BANKING SERVICES LTD. [2019 (7) TMI 1740 - MADRAS HIGH COURT] the order passed by the Income Tax Appellate Tribunal is liable to be set aside. Accordingly, the same is set aside. The substantial questions of law are decided in favour of assessee.
|