TMI Blog2014 (3) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... e is no requirement under the Act of usage of the assets by the assessee himself - The vehicles were purchased by the assessee from manufacturer and leased out to customers - Such vehicles were used in the course of leasing business – thus, the assessee would be entitled for the depreciation - There is nothing on record even otherwise to suggest that the transaction itself was sham or bogus – Deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... higher depreciation on leased back assets. Assessing Officer relying on the decision in case of earlier years had disallowed the claim of the assessee. Ultimately, when the matter reached the Tribunal, the Tribunal allowed the claim of the assessee observing that the assessee is a State owned company engaged in the business of providing financial assistance to industrial units. The assessee had cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abad in assessee s own case in ITA No.865/Ahd/2006 ITA No.1927/Ahd/2007 for A.Y.02-03 and held that sale and lease back is a continuing transaction addition admitted by both the sides. Respectfully, following the Tribunal s decision, we dismiss this issue of Revenue s appeal. The revenue had not distinguished the findings of Coordinate Bench given for earlier year when transactions are same and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted in [2013] 350 ITR 527 (SC). 4. In that view of the matter, this question need not detain us any longer. In the said judgment, the Supreme Court held that for claiming higher rate of depreciation, there is no requirement under the Act of usage of the assets by the assessee himself. The vehicles were purchased by the assessee from manufacturer and leased out to customers. Such vehicles were ..... X X X X Extracts X X X X X X X X Extracts X X X X
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