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2020 (11) TMI 380 - KARNATAKA HIGH COURTAssets leased out to various companies - Whether assets were in existence at the relevant time and whether the transactions in question were genuine or not - finding of fact - HELD THAT:- On the basis of meticulous appreciation of evidence on record has held that the assessee has produced sanction letters, master / supplemental lease agreements, purchase invoices, installation certificates and inspection reports, a joint inspection conducted by the bank officials, independent valuation report in respect of assets leased out to the companies as well as inspection reports pertaining to pre search and post search period. On the basis of the aforesaid material on record, it was held that the transactions of the assessee with the companies in question was genuine and the assets, which were leased out were in existence and the assessee was entitled to depreciation. The aforesaid finding of fact has been affirmed by the Income Tax Appellate Tribunal. Thus, the matter stands concluded by concurrent findings of fact, which by no stretch of imagination can be said to be either based on no evidence or perverse. Even otherwise, no perversity in the findings could be pointed out to us. It is well settled in law, that this court in exercise of powers under Section 260A of the Act would not interfere with the finding of fact until the same is perverse - Decided against the revenue and in favour of the assessee.
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