Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 98 - AT - Income TaxDepreciation in relation to assets leased out by the assessee given under finance lease - HELD THAT:- Assessee has produced a few of them and the Tribunal considered it proper that at least some more should be produced for examination before the AO and the Tribunal restored the matter back to the file of the AO for fresh decision in the light of the judgment in the case of ICDS Vs CIT [2013 (1) TMI 344 - SUPREME COURT] with direction that if the terms and conditions mentioned in the lease agreement are similar to the terms and conditions that are mentioned by the Hon’ble Apex Court in the case of ICDS Vs CIT(supra) and if there is no material variation in the context then depreciation has to be granted to the assessee as claimed. In the present year also, we restore this matter back to the file of AO for fresh decision with similar direction. Ground no.1 & 2 stands allowed for statistical purposes.
|