9911796707
TMI Blog2014 (2) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... PPEAL NO. 1334 of 2009 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... the following factual background : 3.1 The assesseecompany is a State owned enterprise engaged in the business of providing financial assistance to the industrial units. For lease transactions, depreciation has been claimed by the assessee which relates to the assets on sale and lease back of buses to Gujarat State Road Transport Corporation and plant and machinery etc. to Gujarat Electricity Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ." It, accordingly, directed the Assessing Officer to allow the same considering the explanation 4A to section 43(1) of the Income tax Act, 1961 (hereinafter referred to as 'the Act'), which takes care of lease transaction with effect from October 01, 1996. 3.3 The Revenue challenged the same before the Tribunal and the Tribunal following its own findings in the assessee's own case in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... State Financial Services Ltd. This Court has upheld the version of the Tribunal relying on the decision of the Apex Court in the case of I.C.D.S. Ltd. v. Commissioner of Incometax and another, reported in (2013) 350 ITR 527. The relevant portion of the order of this Court on the said issue deserves reproduction which reads as under : "3. Though learned counsel for the Revenue pointed out that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt allowed the assessee's appeal reversing the judgment of the High Court rejecting the Revenue's argument that the assessee not being the owner and only a lessor cannot claim the depreciation. 5. Since facts are similar in the present case, the said ratio would, therefore, apply. There is nothing on record even otherwise to suggest that the transaction itself was sham or bogus. In that view of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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